HOUSTON – (Realty News Report) – A 20-story office tower near Greenspoint Mall in north Houston has been acquired by an affiliate of Realty.com, a national residential online search portal.
The 386,277-SF building, which opened in 1982, is located at 363 North Sam Houston Parkway East, in an area that could attract investors looking for bargains while Houston’s office market is in a soft patch.
The office building, is located just east of Interstate 45, near Imperial Drive. The Greenspoint submarket took a hit about six years ago when Exxon Mobil departed to move into its new 3 million SF corporate campus in north Harris County.
The Greenspoint acquisition is part of a diversification into commercial real estate by Houston-based Realty.Com, said chief operating officer Adam Farrar in an email
“With our recent acquisition of a 400,000-SF commercial building in Houston Texas, we’re letting it be known that commercial real estate is our next big move,” Farrar said.
(Realty.com is not affiliated in any way with Realty News Report, a Texas-based news organization.)
The purchase price was not disclosed. The office tower had been owned by an entity controlled by The Khoshbin Co., a California firm led by Manuchehr “Manny” Khoshbin. The JLL Capital Markets team representing the seller was led by Senior Directors Martin Hogan and Kevin McConn.
The atrium building was recently renovated and more improvements are planned.
“This is an exciting first of many moves we’ll be making into the commercial real estate world,” said Lance Custen, president and CEO of Realty.com.
The citywide office vacancy rate is at a 20-year high, over 22 percent vacant, according to a recent Houston survey by NAI Partners.
Houston’s office market has hit with problems associated with coronavirus pandemic, in addition to declines in the energy industry, which has battled a freefall in oil prices and a sharp decline in drilling activity.
Aug. 26, 2020 Realty News Report Copyright 2020
File: Greenspoint Office Tower Acquired
File: (2) Manny Shoshbin. Lance Custen. Realty.com. Greenspoint Office Tower Parking garage with 1,182 spaces. Acquired Aug. 2020