US Property Management Buys Vacant Office Building in Houston
JLL brokered the deal on behalf of the seller.
US Property Management has acquired 4646 W. Sam Houston North, a 225,000-square-foot office building in Houston. JLL brokered the transaction on behalf of the seller. The property was vacant at the time of the sale.
As of July, Houston’s average vacancy rate dropped 270 basis points year-over-year to 20.8 percent, according to the latest Yardi Matrix office report, slightly higher than the national figure of 19.4 percent. Average listing rates in the metro also fell during the same month to $27.56 per square foot, down 7.6 percent compared to the same period last year.
A recently available property
The property came online in 2001 at 4646 W. Sam Houston Parkway North, as part of the Westway Park, a 150-acre master-planned business campus. Since completion, the nine-story office building has been leased by energy equipment manufacturer Cameron and Schlumberger. The tenant vacated the building in November of last year, leaving the property unoccupied since. Amenities include covered parking with 722 spots.
Located in Houston’s Westbelt, the mid-rise is just off Sam Houston tollway, near highways 249 and 290, as well as Interstate 10. Downtown Houston is 17 miles southeast.
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JLL Managing Directors Marty Hogan and Kevin McConn led the Capital Markets team that worked on behalf of the seller in the deal.
In the first eight months of the year, Houston recorded $316 million in office sales, with 79 properties changing hands at an average of $87.69 per square foot, according to Yardi Research Data information. Though last year’s investment figure was lower, namely $287 million, the 63 properties that traded from January until August 2024 sold at a higher, $105.8 per square foot average.
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