Lexington Realty Sells $192M Stake in Texas Office Building
- Nov 12, 2020
Lexington Realty Trust has sold its interest in a 664,100-square-foot office asset in Lake Jackson, Texas, for $192 million to Brixton Capital, realizing a $57 million gain from the transaction. Dow Chemical leases the property, which represents 40 percent of the company’s North American R&D footprint.
Brixton assumed an existing loan on the property with an outstanding balance of $179 million. Yardi Matrix data shows that Wells Fargo Bank originated the $197.2 million financing package in 2016.
Located at 270 Abner Jackson Parkway, the property is close to retail and dining options, and downtown Houston is some 53 miles north. Completed in 2016, the LEED Gold-certified building is part of Dow’s nearly 1 million-square-foot, 55-acre campus which includes more than 100 lab modules, 600,000 square feet of office space, an amenity building, a central plant and a warehouse.
Around the time of the deal, Lexington Realty Trust purchased a 201,784-square-foot warehouse and distribution property in Phoenix for $88 million. Located on 48 acres, the property is fully leased to an e-commerce company through March 2033. In late July, Lexington also sold a 262,000-square-foot Las Vegas office building for $33.4 million.