Geosam Sells North Houston Office Asset

263 N. Sam Houston Parkway E. is roughly 14 miles from downtown Houston. Image courtesy of Colliers

Geosam Capital has sold 263 N. Sam Houston Parkway E., an office building in Houston spanning 87,282 square feet, to a private buyer. Colliers brokered the deal for the seller.

The asset previously traded in 2019 and in 2020 became subject to a $5 million loan from HSBC Bank Canada, as part of a larger $29 million portfolio financing, according to CommercialEdge data.

Completed in 1978 and renovated in 2015, the building rises three stories and features 29,204-square-foot floorplates. The leasing broker for the property is Lee & Associates, the same source shows.

Located near the intersection of Highway 8 and Interstate 45, in an Opportunity Zone, the 4.4-acre property is roughly 14 miles north of downtown Houston. It is also some 8 miles from the George Bush International Airport. Greenspoint Mall is within walking distance of the building.

Colliers Principal & Director David Carter represented the seller in the transaction. Carter recently worked with Geosam in the sale of another office building spanning 147,135 square feet, adjacent to 263 N. Sam Houston Parkway E.

As of September, Houston recorded the highest vacancy rate in the U.S. at 24.9 percent, representing a 30-basis-point increase year-over-year and well above the 17.8 percent national average, according to a recent CommercialEdge report. The listing rate in the metro clocked in at $30.66, rising 2.7 percent since the same month of last year.