Geosam Capital Sells Houston Office Asset

16666 Northchase Drive is some 14 miles north of downtown Houston. Image courtesy of CommercialEdge

Formation Capital has acquired 16666 Northchase Drive, a 147,135-square-foot office building in north Houston. The seller, Geosam Capital, was represented by Colliers Principal & Director David Carter.

The property is subject to an $11.4 million loan from HSBC Bank Canada originated in 2020, CommercialEdge data shows. One of the tenants is RFA Innovation, according to the same source.

Rising six stories, the building features 25,000-square-foot floorplates. It was constructed in 1985 and underwent a cosmetic renovation in 2007.

The building is part of the North Belt/Greenspoint submarket, which holds a total of more than 12 million square feet of office space and an occupation rate of 59.2 percent, according to Colliers. Recently, Carter was also also involved in arranging a 116,161-square-foot headquarters lease at an office building in west Houston.

Located in the North Houston District, 16666 Northchase Drive is near the intersection of Interstate 45 and Sam Houston Parkway, and some 14 miles from downtown Houston. It is also roughly 7 miles from the George Bush Intercontinental Airport and in the proximity of Greenspoint Mall.

As of September, metro Houston registered $1.1 billion in office sales, at an average price of $128 per square foot, a recent CommercialEdge report shows. The vacancy rate in the metro was the highest nationwide at 24.9 percent, representing an increase of 30 basis points year-over-year, according to the same source. Asking rents also increased by 2.7 percent, reaching $30.66.