{"id":1004697074,"date":"2024-01-10T06:04:47","date_gmt":"2024-01-10T14:04:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697074"},"modified":"2025-08-19T23:17:44","modified_gmt":"2025-08-20T07:17:44","slug":"novel-buys-226-ksf-houston-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/","title":{"rendered":"Novel Buys 227 KSF Houston Office Asset"},"content":{"rendered":"\n<p>Dallas-based <strong>Novel Office<\/strong> has purchased 3555 Timmons, a 227,064-square-foot office building in Houston. <strong>Unilev Capital <\/strong>sold the property, according to CommercialEdge information.<strong> CBRE Capital Markets<\/strong> arranged the transaction and <strong>Transwestern<\/strong> will handle leasing efforts.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3558108aef9&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004697075\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/3555-timmons_aerial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3555 Timmons_Aerial\" data-image-description=\"&lt;p&gt;3555 Timmons is a 225,895-square-foot office building in Houston.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The new owner plans to bring 3555 Timmons up to date with future renovations. Image courtesy of Transwestern&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\" alt=\"3555 Timmons is a 225,895-square-foot office building in Houston.\" class=\"wp-image-1004697075\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The new owner plans to renovate 3555 Timmons. <em>Image courtesy of Transwestern<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Financing for the acquisition included a $5.5 million junior loan from <strong>Woodbranch <\/strong>and a $9.7 million senior loan from <strong>Business Loan Capital<\/strong>, public records show. Unilev purchased the property in 2012 from <strong>Great Point Investors<\/strong>, CommercialEdge shows.<\/p>\n\n\n\n<p>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\u2019s plans call for upgrades, including a lobby renovation, new speculative suites and complete turnkey buildouts.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/on-the-news-how-government-will-impact-cre\/\">3 Ways Government Will Impact CRE in 2024<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recent-office-deals-in-houston\">Recent office deals in Houston<\/h2>\n\n\n\n<p>Some of the latest sales in the metro included Parkway\u2019s acquisition of <a href=\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/\">two office campuses<\/a> 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 href=\"https:\/\/www.commercialsearch.com\/news\/geosam-capital-sells-houston-office-asset\/\"> a 147,135-square-foot asset <\/a>in north Houston, from Geosam Capital.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/office-sector-faces-surging-loan-defaults-amidst-market-challenges\/\">CommercialEdge office report<\/a> shows. The sale price per square foot during the same period was $127, much lower than the national average of $193.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Class A property previously changed hands in 2012.<\/p>\n","protected":false},"author":3355,"featured_media":1004697075,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1589,21783,21742,21747,51973],"tags":[35046,33313],"class_list":["post-1004697074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-houston","category-investment","category-latest","category-office","category-southwest","tag-cbre-capital-markets","tag-transwestern"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Novel Buys 227 KSF Houston Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Dallas-based Novel Office has purchased 3555 Timmons, a 227,064-square-foot office building in Houston, from Unilev Capital.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Novel Buys 227 KSF Houston Office Asset\" \/>\n<meta property=\"og:description\" content=\"Dallas-based Novel Office has purchased 3555 Timmons, a 227,064-square-foot office building in Houston, from Unilev Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-10T14:04:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-20T07:17:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/\",\"name\":\"Novel Buys 227 KSF Houston Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\",\"datePublished\":\"2024-01-10T14:04:47+00:00\",\"dateModified\":\"2025-08-20T07:17:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Dallas-based Novel Office has purchased 3555 Timmons, a 227,064-square-foot office building in Houston, from Unilev Capital.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novel-buys-226-ksf-houston-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/3555-Timmons_Aerial.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The new owner plans to bring 3555 Timmons up to date with future renovations. 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