Credit Union Buys Houston Office Building
This property previously traded in 2023 for $101 million.
First Community Credit Union has acquired the former Noble Energy Center Two, a 470,623-square-foot office tower in Houston’s Vintage Park/Tomball area.
The building will soon serve as FCCU’s new corporate headquarters. Currently, the credit union’s main offices are at 15260 FM 529 Road.
Larry Cedillo of Cross Capital Realty represented the buyer. JLL Capital Markets’ Jeff Hollinden, Kevin McConn and Max Myers marketed the property for sale.
Houston Class A office tower
The Class A property previously changed hands in 2023, when Acquest Development paid $100.7 million to CalSTRS, according to Yardi Matrix data. Wilmington Trust originated a $70.4 million loan to facilitate that transaction.
Trammell Crow Co. and Principal Real Estate Investors developed the building at 1002 Noble Energy Way after having purchased Noble Energy Center One in 2011. Completed in 2015, the LEED Gold-certified tower rises 20 stories on more than 4 acres in northwest Houston and includes 1,760 parking spaces in a multi-level structure.
FCCU will soon begin planning for a phased transition to occupy as much as half of the building, which it will convert into a headquarters environment that reflects the organization. The remaining office space will be available for lease to third-party tenants.
Houston office market sees relatively low prices
Office assets in Houston remained something of a bargain for investors in 2025, according to Yardi Matrix. Year-to-date as of November, office properties traded in Greater Houston for $89 per square foot on average, less than half the national average, the data provider reported.
In September, Sagard Real Estate sold the BlueCross BlueShield Building in West Houston, Texas, to Fuller Realty Partners and ICP Fund. JLL Capital Markets represented Sagard in the deal and facilitated a five-year acquisition loan with a regional bank for the new owners.
That same month, US Property Management acquired 4646 W. Sam Houston N., a 225,000-square-foot office building in Houston. JLL brokered that deal as well, on behalf of the seller. The property was vacant at the time of the sale.
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