Khoshbin Co. Makes 395 KSF Office Investment in Houston
- Apr 17, 2012
By Nicholas Ziegler, News Editor
The Khoshbin Co., a privately held Irvine, Calif.-based real estate firm, has just completed its acquisition of two office buildings in Houston’s Greenspoint submarket, picking up 333 N. Sam Houston Parkway East and 10700 Interstate 45 North, two multi-tenant office buildings spanning 395,424 square feet. Holliday Fenoglio Fowler L.P. marketed the properties on behalf of the seller.
333 North Sam Houston Parkway East is a 12-story, 213,777-square-foot building with a four-level, 704-space parking garage. The property is currently 72 percent leased. 10700 Interstate 45 North has 181,647 square feet of space that is currently 47 percent leased. The property features a five-level, 434-space parking garage.
“The very positive and improving real estate fundamentals in Houston present one of the best buying opportunities in decades,” Manny Khoshbin, head of Khoshbin, said.
Other research sources back Khoshbin’s claim. According to a fourth-quarter 2011 report by Cushman & Wakefield Inc., the city’s employment picture has improved substantially, as all jobs lost in the recession were gained back by the end of last year. “Through November,” the report noted, “the Houston area added more than 87,000 jobs, for a year-over-year growth rate of 3.4 percent. This was the highest job growth rate of all the largest metropolitan areas in Texas, and far exceeds the Texas rate of 2.2 percent and the national rate of 1.2 percent.”
And the outlook for Houston’s office market closely mirrors the job situation. With more and more employment starting in the city, office absorption is likely to be positive once again through 2012, with a strong forecast of 3 percent job growth this year.