JLL Capital Markets led the sales and financing efforts for 11451 Katy Freeway, which has benefitted from Houston’s westward migration
News release
22 January 2024
Local investor purchases West Houston office building
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HOUSTON Jan. 22, 2024 – JLL Capital Markets announced today that it has closed the sale and arranged financing of The Westchester, a 117,261-square-foot office building in West Houston, Texas.
JLL represented the seller in the sale of the property to Mission Companies. In addition, JLL worked on behalf of Mission to arrange the CMBS loan for the acquisition.
“We know the West Houston office market and are excited to continue to add value to this project and its’ tenants,” commented Dennis Nelson, Mission’s President & Founder.
The Westchester is located at 11451 Katy Freeway in close proximity to City Centre, Memorial City and Town & Country, which offer numerous retail, dining, entertainment and healthcare amenities. The property is positioned in the Katy Freeway West submarket, one of the most active leasing submarkets in the U.S. over the last 12 months, with immediate access to Interstate 10 and Beltway 8. In addition, The Westchester has benefitted from Houston’s westward migration as the population of West Houston has grown 155% over the past 30 years compared to 85% growth in the Houston metro.
The six-story property was built in 1999 and is 74% leased to a diversified rent roll. On-site amenities include a conference center, deli, private courtyard and a putting green. The two-acre site also offers structured parking.
The JLL Capital Markets Investment Advisory team was led by Managing Director Marty Hogan and Senior Director Rick Goings.
JLL Senior Director John Ream led the debt advisory efforts on behalf of Mission Companies.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mission Companies
The Mission Companies are a conglomeration of firms providing commercial real estate services and investments in the greater Houston area for over 35 years. Mission owns and manages over 1.5 million square feet of office product. To learn more, visit: missioncompanies.com.