Novel Buys 226 KSF Houston Office Asset
The Class A property previously changed hands in 2012.
Dallas-based Novel Office has purchased 3555 Timmons, a 225,895-square-foot office building in Houston. Unilev Capital sold the property, according to CommercialEdge information. CBRE Capital Markets arranged the transaction and Transwestern will handle leasing efforts.
Financing for the acquisition included a $5.5 million junior loan from Woodbranch and a $9.7 million senior loan from Business Loan Capital, public records show. Unilev purchased the property in 2012 from Great Point Investors, CommercialEdge shows.
Dating back to 1982, the 15-story asset features floorplates averaging 15,060 square feet, five passenger elevators and some 670 parking spaces. Amenities at the 1.8-acre asset include 24/7 security, a conference center, tenant lounge, training room and food service. Novel’s plans call for upgrades, including a lobby renovation, new speculative suites and complete turnkey buildouts.
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Located at 355 Timmons Lane, the asset is close to Greenway Commons and Plaza in the Park shopping malls, which offer a host of dining and retail opportunities. The Galleria retail center is within 3 miles, while downtown Houston 6.4 miles away. George Bush Intercontinental Airport is some 25 miles northeast.
The CBRE Capital Markets team that arranged the transaction included Vice Chairman Russel Ingrum and Senior Vice President Jared Chua. The Transwestern team that provides the leasing services is led by Executive Managing Director Eric Anderson, Senior Vice President Katy Gragg and Vice President John Heard.
Recent office deals in Houston
Some of the latest sales in the metro included Parkway’s acquisition of two office campuses totaling more than 3 million square feet. Post Oak Central and CityWestPlace are 3.6 and 10 miles away from 3555 Timmons, respectively. Last October, Formation Capital acquired a 147,135-square-foot asset in north Houston, from Geosam Capital.
As of November, year-to-date transactions in the Houston metro amounted to $1.3 billion, being surpassed by markets such as Boston, Dallas and Manhattan, the latest CommercialEdge office report shows. The sale price per square foot during the same period was $127, much lower than the national average of $193.
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