Vacant Office Building Sold, Market briefs

In Houston, US Property Management has purchased a vacant nine-story office building in West Houston, as stated by JLL Capital Markets.

4646 W Sam Houston Pkwy North, built in 2001, is located near Clay Road in Westway Park, a 150-acre business park in Houston’s Westbelt submarket. Westway Park, developed by the Wolff Companies, held its grand opening luncheon in 1998. Wolff Companies was a key player in the development of the Energy Corridor in West Houston.

This office building just purchased by US Property Management, had been continuously occupied by Cameron and Schlumberger since its construction. Schlumberger vacated the 225,000-SF building in November 2024, and the building was sold in vacant state. Located within five miles of over 257,000 residents with an average household income of $118,301, the asset benefits from strong demographics. The office building was designed by HOK.

With frontage on Sam Houston Parkway., providing visibility to more than 205,000 vehicles per day and features 722 total parking spaces with an exceptional parking ratio of 3.2 per 1,000 SF.

In Situated near Highway 249, Highway 290 and I, 10, the office building is near essential business amenities including hotels and restaurants.

Houston’s Energy Corridor continues to demonstrate strong market fundamentals, with West Houston experiencing over 10 million sq ft of leasing activity since 2022. The robust leasing activity has propelled the submarket to some of the strongest momentum in the country, with rental rates increasing approximately 20% over the last 12 months due to limited quality supply and strong tenant demand.

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

“This transaction represents the successful disposition of a vacant office building in a highly visible location along Beltway 8,” said Hogan. “The property’s combination of exceptional visibility, abundant parking and location within one of Houston’s premier large-scale planned business parks made it an attractive purchase for US Property Management.”

In the last year, numerous Houston office towers have been sold.

JLL recently handled the sale of a 15-story office building at 3555 Timmons in the Greenway Plaza area in Houston’s Inner Loop. DML Capital bought that 227,000-SF building from Novel Office of Dallas.