HOUSTON – (Realty News Report) – Chevron Phillips Chemical has sold its eight-story office building in The Woodlands, a master planned community 27 miles north of Houston, according to JLL Capital Markets.
The office building, 10001 Six Pines, is a 200,000-SF Class A office building completed in 2002.
JLL represented the seller, Chevron Phillips Chemical, and procured the buyer, Beland Properties, LLC.
Chevron Phillips Chemical is a petrochemical company formed in 2000 as a joint venture between Chevron Corporation and Phillips 66.
Built to be the global headquarters for Chevron Phillips Chemical, 10001 Six Pines boasts flexible floorplates, structured parking and 3.4 acres of additional land for future development.
10001 Six Pines is located 20 minutes from George Bush Intercontinental Airport. The property is adjacent to the Cynthia Woods Mitchell Pavilion and close to The Waterway, The Woodlands Mall and numerous lodging and residential options.
The Woodlands continues to see strong office market fundamentals, with total vacancy at 12.5%, the second lowest in the Houston MSA and below The Woodlands’ five-year quarterly average of 14.4%. Additionally, Q1 2025 sublease inventory decreased by 30% year-over-year. Looking ahead, The Woodlands is anticipated to see an uptick in leasing activity and maintain well-balanced market conditions, JLL said.
JLL Capital Markets Managing Director Kevin McConn and JLL Brokerage Executive Vice President Jeff Cairns and Executive Managing Director Brandon Clarke represented the seller in the transaction.
“We had tremendous interest in this offering, particularly from owner-users, a trend we have witnessed throughout the last 24 months,” said JLL’s McConn. “This was a rare value-add opportunity for the buyer to purchase a very high-quality asset in one of Houston’s strongest office submarkets and also have optionality in lease-up and use of the space.”
In June 2024, Howard Hughes Holdings, the developer of The Woodlands, acquired the 142,000-SF Waterway Plaza II for $19.2 million. At the time, the building, 10001 Woodloch Forest Drive, was 55 percent occupied. Howard Hughes said the vacancy in the building provided upside potential as it attracted more tenants.
July 14, 2025 Realty News Report Copyright 2025
Image: Jud Haggard Photography
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