New York Life Actual Property Buyers has bought 515 Put up Oak, a 274,583-square-foot, Class A workplace constructing in Houston, to Dallas-based EY Ventures LLC. JLL labored on behalf of the vendor and procured the customer.
New York Life REI got here into possession of 515 Put up Oak in 2022, in response to CommercialEdge info. The earlier proprietor, Spear Road Capital, had defaulted on the $44.5 million mortgage offered by the lender in 2019.
The property covers a 3-acre web site at 515 Put up Oak Blvd., east of Houston’s 610 West Loop. The situation can also be close to interstates 10 and 69. Downtown Houston is a few 8 miles east away.
Accomplished within the Eighties, the 12-story constructing has since undergone renovations value greater than $1 million. Enhancements included upgrades to the health middle, tenant lounge, onsite cafe, convention areas and parking. The mid-rise was awarded the LEED-Silver certification 10 occasions, most just lately in 2023.
The tenant roster options TopSpot, Better Houston Neighborhood Basis, Luxe Portfolio, Edge Realty Companions and Shale-Inland Holdings LLC. The constructing was 74 % leased on the time of sale.
Senior Managing Director Jeff Hollinden and Managing Director Kevin McConn led the JLL Capital Markets Funding Gross sales and Advisory workforce representing the vendor.
Houston’s workplace funding quantity reached $940 million year-to-date as of November 2024. Belongings traded at $107 per sq. foot, under the nationwide common of $179, a latest CommercialEdge report exhibits.
