Houston Office Buildings Snag New Owners, Tenants

By Georgiana Mihaila, Associate Editor The former Hewlett-Packard Co.’s office buildings in Northwest Houston have recently been acquired by a joint venture of Trammell Crow Co. and Principal Real Estate Advisors. The two 10-story buildings, located at 20555 State Highway 249, [...]

The former Hewlett-Packard Co.’s office buildings in Northwest Houston have recently been acquired by a joint venture of Trammell Crow Co. and Principal Real Estate Advisors. The two 10-story buildings, located at 20555 State Highway 249, are within convenient proximity to Vintage Park—the mixed-use development consisting of 537,000 square feet of retail and office space, more than 1,600 luxury homes, a hotel and a regional hospital.

The two office buildings constitute 497,000 square feet, currently vacant. The new owners plans to redevelop them, along with an adjacent five-story parking garage and 3.5-acre site that were part of the transaction. According to the Houston Business Journal, Steve Rocher and Cody Armbrister with CB Richard Ellis Inc. will lease and manage the renovated building.

The Southwest Center has also seen a change in ownership. Service provider Fugro Inc., which until now has been leasing office space at the nearby 6100 Hillcroft, has acquired the eight-story structure in Southwest Houston. Standing on a 2.2-acre tract with direct access to Texas 59 and Hillcroft Avenue, the 148, 751-square-foot facility was partially renovated in 2006. Dan Miller, senior managing director for Holliday Fenoglio Fowler L.P., and real estate analyst Brad Elmore represented the seller, while Moody Rambin Interests’ Bob Gulley represented the buyer. No details were released regarding the amount the 6671 Southwest Freeway building traded for.

Also relocating is Trican Well Service, which is moving from Denton to the LEED Gold-certified Beltway Lakes I in order to be closer to its customers. The building, opened in 2008, is part of the Beltway Lakes project developed by Radler Enterprises. The property includes eight other tenants, among them Lufkin Industries, Leor Exploration, Michael Baker Jr. and Sigit Automation. Located at 5825 North Sam Houston Parkway West, it is now 90 percent occupied, with 12,000 square feet remaining for lease.