Beland Buys 200 KSF Houston Office Asset

Beland Properties has acquired 10001 Six Pines, a 200,000-square-foot, Class A office building in The Woodlands, Texas, a Houston suburb. Chevron Phillips Chemical sold the asset in a deal brokered by JLL.

Completed in 2002, the property served as the global headquarters for the chemicals company. In 2023, the firm acquired an office building 2 miles from 10001 Six Pines and moved in earlier this year, after completing a $60 million capex program. The eight-story building was left vacant.

Located close to Interstate 45 and the city center, the mid-rise is adjacent to the Cynthia Woods Mitchell Pavilion. Downtown Houston is 30 miles south, while George Bush Intercontinental Airport is less than 21 miles away.

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The office building has floorplates averaging 28,571 square feet and almost 720 parking spaces, as well as eight passenger elevators. Additionally, the property has more than 3 acres of additional land for future development.

JLL Capital Markets Managing Director Kevin McConn, Brokerage Executive Vice President Jeff Cairns and Executive Managing Director Brandon Clarke represented the seller in the transaction.

Houston sales volume ranks high nationally

Houston’s office investment volume year-to-date as of May clocked in at $1.2 billion, ranking fourth nationally, according to the latest Yardi Matrix office report. Manhattan ($2.8 billion), Washington, D.C. ($2.6 billion) and the Bay Area ($2.1 billion) surpassed the metro. Additionally, Houston assets traded for $117 per square foot on average, well below the $194 national index.

One of the office properties that traded earlier this year is 10101 Woodloch Forest Drive, a 202,601-square-foot building also in The Woodlands. Howard Hughes Holdings Inc. purchased the property.