Novel Sells Houston Office Tower
The firm acquired the building last year.
DML Capital has purchased 3555 Timmons, a 227,064-square-foot office building in Houston. JLL worked on behalf of the buyer to secure acquisition financing through an insurance company.
Novel Office previously owned the asset, according to Yardi Research Data. The firm had purchased it in January last year from Unilev Capital.
Located at 3555 Timmons Lane, the 15-story building is close to the Greenway Commons shopping mall and 3 miles from The Galleria retail center. Downtown Houston is some 6 miles away, while George Bush Intercontinental Airport is within 25 miles.
At the time of sale, the mid-rise was 95 percent leased. Houston-Galveston Area Council is the property’s anchor tenant, occupying about one-third of the building.
Houston’s office investment volume year-to-date as of June clocked in at $1.2 billion, according to the latest Yardi Matrix office report. Assets in the metro in the first six months of the year traded for $109 per square foot on average, $80 below the national figure.
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Completed in 1982, the property went through extensive renovations in 2018 and 2024, including amenity modernization and first-floor lobby renovations, as well as restroom and corridor upgrades and the addition of a conference center.
The mid-rise has floorplates averaging 15,060 square feet, five passenger elevators and about 670 parking spaces. Other amenities include a training room and tenant lounge.
JLL Capital Markets Managing Director Michael Johnson and Director Michael King, along with Analysts Scot Sarlin and James Lovell, led the team that arranged the financing.
DML’s recent office deals
Founded in 2012, DML Capital focuses on acquiring retail and office assets, currently managing more than 2 million square feet, exceeding $600 million in value.
In June, the firm acquired Reserve at Westchase, a 194,919-square-foot Houston property within the Westchase district. Transwestern Investment Group sold the asset completed in 1999.
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