New York Life Division Sells Houston Office Asset
The property has recently undergone capital renovations.
New York Life Real Estate Investors has sold 515 Post Oak, a 274,583-square-foot, Class A office building in Houston, to Dallas-based EY Ventures LLC. JLL worked on behalf of the seller and procured the buyer.
New York Life REI came into possession of 515 Post Oak in 2022, according to CommercialEdge information. The previous owner, Spear Street Capital, had defaulted on the $44.5 million loan provided by the lender in 2019.
The property covers a 3-acre site at 515 Post Oak Blvd., east of Houston’s 610 West Loop. The location is also near interstates 10 and 69. Downtown Houston is some 8 miles east away.
Completed in the 1980s, the 12-story building has since undergone renovations worth more than $1 million. Improvements included upgrades to the fitness center, tenant lounge, onsite cafe, conference areas and parking. The mid-rise was awarded the LEED-Silver certification 10 times, most recently in 2023.
The tenant roster features TopSpot, Greater Houston Community Foundation, Luxe Portfolio, Edge Realty Partners and Shale-Inland Holdings LLC. The building was 74 percent leased at the time of sale.
Senior Managing Director Jeff Hollinden and Managing Director Kevin McConn led the JLL Capital Markets Investment Sales and Advisory team representing the seller.
Houston’s office investment volume reached $940 million year-to-date as of November 2024. Assets traded at $107 per square foot, below the national average of $179, a recent CommercialEdge report shows.
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