Sale of west Houston office building closes

HOUSTON, April 21, 2022 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Park Ten Plaza, a 157,759-square-foot, Class A office located in Houston, Texas.

JLL marketed the property for the seller USAA Real Estate. Fuller Realty Partners and ICP Funds acquired the asset. JLL also worked on behalf of the new owner to secure a loan through East West Bank.

Park Ten Plaza features best-in-class design and amenities, including a new 1,177 square foot fitness center, an executive level conference room, a state-of-the-art lobby and recent HVAC and roof replacements.

Situated at 15115 Park Row in the Energy Corridor, the property is located within the Park Ten Business Park, a 550-acre master planned business park in the heart of West Houston. The office is the only building in the Energy Corridor that is adjacent to a destination entertainment venue, Top Golf, and walkable to a variety of dining options. The Energy Corridor, known as the Central Business District of West Houston, is the third largest employment center in Houston. Additionally, the property is 8.4 miles from Westchase District, 5.6 miles from CityCentre, 7.2 miles from Memorial City, 2.8 miles from Texas Children’s Hospital and 2.6 miles from Houston Methodist.

The JLL Capital Markets Investment Sales team representing the seller was led by Senior Director Rick Goings, Managing Directors Kevin McConn and Marty Hogan and Analyst Jack Moody. Working on behalf of the borrower, Managing Director Cameron Cureton and Senior Managing Director Wally Reid led the JLL Debt Advisory team.

“At 94 percent leased, the sale of Park Ten Plaza represents the first stabilized multi-tenant office sale in the Energy Corridor in two years. The depth of the buyer pool is robust for this investment profile,” said Goings. “The tide is turning rapidly in the Energy Corridor; demand is growing significantly from both tenants and investors, alike.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm'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.

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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.