Yet Another Energy Corridor Building Sold, Market briefs

In Houston, A six-story office building has been sold in the Energy Corridor, extending the hot streak of activity in the West Houston district where many of the world’s top energy companies have offices.

In the latest Energy Corridor deal, which was reported Tuesday by JLL Capital Markets, Harmony Public Schools, which manages 60 charter schools in Texas, has purchased a 171,000-SF office building at 1255 Enclave in the Energy Corridor.

JLL marketed the property for sale on behalf of the seller, a partnership affiliated with Exeter Office Value REIT. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Kevin McConn and Marty Hogan.

In recent months, a number of office acquisitions have been reported including the purchase of the 94,000-SF Timberway One building, the 377,000-SF Energy Corridor II building, and the 203,000-SF Offices at Greenhouse.

In addition, office leasing has been brisk in the Energy Corridor.

“Over the past year, nearly 4 million SF of office leases have been executed in the Energy Corridor submarket, which is an underlying driver of sales in the market,” said McConn of JLL

Investor interest has been high in office properties, including the 1255 Enclave building that just closed.

“We had a generous amount of investor interest in the Class A building and ultimately it was awarded to a user/owner, who will utilize the entire building for back-office space,” McConn said.

1255 Enclave sits on 6.75 acres within The Enclave, a 120-acre, 3 million-SF office development in Houston’s Energy Corridor. The property is just south of Interstate 10. The property is also close to a variety of retail, entertainment and healthcare options in the nearby CityCentre multi-use development, Memorial City area and Westchase District.

The property consists of a Class A office building and a three-story, 676-space parking garage. Originally built in 1999, 1255 Enclave offers amenities, including a fitness center and outdoor seating.