Tanglewood Office Building Sold, Market briefs

HOUSTON – (Ev Konut Proje) – JLL Capital Markets handled the sale of 1717 St. James Place, a boutique office building totaling 110,452 SF.

JLL represented the seller, Accesso Partners, LLC, and procured the buyer, Silver Creek Realty Advisors, a firm founded by Howard L. Heald.

The six-story building offers on-site structured parking for more than 120 vehicles. 1717 St. James Place is currently 70.5 percent leased to a diversified tenant roster spanning the real estate, financial services, legal, technology, energy and medical industries.

The JLL Capital Markets team representing the seller was led by Managing Directors Marty Hogan and Kevin McConn.

1717 St. James Place is positioned on 2.34 acres within St. James Place, a deed-restricted business park on the south side of San Felipe in Houston’s Galleria submarket. The property is adjacent to the affluent Tanglewood neighborhood and in close proximity to numerous tenant amenities.

The Tanglewood area has a number of significant office properties, including San Felipe Plaza, a 46-story tower that was developed by Harold Farb and the 5555 San Felipe building.

The 5555 San Felipe building is a 41-story tower with 1.2 million SF. The building, formerly known s Marathon Oil Tower, is being given a major refurbishment by M-M Properties. The building’s namesake tenant, Marathon Oil, had occupied over 500,000 SF, but it relocated into a new building that was recently completed adjacent to City Centre. M-M Properties purchased the tower in 2018 for a reported $175 million.

But some investment sales have been reported in the Houston office market recently.

JLL Capital Markets recently represented Accesso Partners, in another sale, the disposition of One Park 10 Plaza, an eight-story office tower in Houston’s Energy Corridor.

In another positive milestone for the Houston office market, a vacant Energy Corridor office building, which was completed in 2015 and has never been occupied, has been sold to a Los Angeles commercial real estate firm. The buyer, BH Properties, will make some improvements to the 128,000-SF Mason Creek II, and open it to tenants for the first time after seven years of sitting vacant.