Novel Office has sold a 227K SF building in Houston’s Greenway Plaza area about 18 months after acquiring it, following a 25% jump in occupancy during its ownership.
The buyer, DML Capital, financed the purchase of 3555 Timmons through a loan arranged by JLL Capital Markets.
Courtesy of Novel Office
3555 Timmons Lane in Houston.
Deal terms were undisclosed, but the Harris Central Appraisal District valued the building at about $20M earlier this year.
Novel Office announced its acquisition of the building in January 2024, when occupancy was just under 71%. It spent at least $1.4M renovating the property, according to the Houston Business Journal, and Transwestern secured 95K SF worth of leases in less than a year.
The building is 95% leased and anchored by the Houston-Galveston Area Council, which occupies about a third of the space. The property at 3555 Timmons was built in 1982 and renovated in 2017 and again in 2024.
The JLL Capital Markets team that arranged financing included Michael Johnson, Michael King, Scot Sarlin and James Lovell.
PEOPLE
Gensler hired Stephanie Pons Reece as regional healthcare practice leader based in Houston. Reece will work with local health systems and academic medical centers to help their environments meet clinical and operational needs.
Before joining Gensler, Reece worked at Baylor College of Medicine and Texas Children’s Hospital. She has experience consulting healthcare organizations across the U.S. and in international markets, including South Africa, Spain and Argentina.
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Ember, a Houston-based real estate investment and development firm, promoted Jeb Kolby to president. Kolby previously served as vice president of acquisitions and development and led the launch of the Grand Prairie, Ember’s first master-planned community.
Kolby joined Concourse Development in 2022, a year before it merged with Maquina Holdings to form Ember. He has more than two decades of experience in engineering, international community development and large-scale residential land projects, including a stint as director of land development at Friendswood Development Co.
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Pagewood, a Houston-based real estate investment and operations firm, has closed its $25M GP Fund I to fuel expansion into Dallas-Fort Worth and Central Texas. The fund will back acquisitions and development across multifamily and industrial assets.
As part of the growth push, the firm has added two hires. Susan Pohl joins as senior vice president to lead multifamily investments, bringing three decades of experience and a track record of $4B in deals spanning 35,000 units.
Daniel Burnum comes on as an investment analyst after four years in debt and equity financing at Berkadia.
SALES
Energy Crossing I
Capital Commercial Investments, an Austin-based private equity real estate firm, has acquired Energy Crossing I, a 240K SF office building in Houston’s Energy Corridor. The three-story property, built in 2010, sits on 5 acres at 15021 Katy Freeway.
JLL’s Capital Markets Investment Sales and Advisory team, led by Kevin McConn and Rick Goings, represented the seller.
CONSTRUCTION & DEVELOPMENT
Constellation Real Estate Partners acquired 15 acres in Houston’s southeast market, where it plans to build Constellation Genoa Red Bluff, a 240K SF industrial building. Construction will begin in the third quarter with completion scheduled for the second quarter of 2026.
The project will be at 2555 Genoa Red Bluff Road in Pasadena, near Port Houston. Marketing and leasing efforts will be exclusively handled by Joseph Smith, Ed Frantz and Savannah Smith of CBRE.
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J. Alan Kent Development acquired 228 acres at Hegar Springs Parkway and Kickapoo Road in Waller. The property will be developed into a residential subdivision with lots ranging from 50 feet to half an acre, with intentions to fill a gap in the market for mid- to high-end homes. The first phase will include 255 lots.
Newcor’s David Alexander and Josh Cheatham represented the buyer. The seller was represented by Randy Summers and Wendy Cline.
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Triten Real Estate Partners completed McKay at Will Clayton Logistics Center, a 171K SF speculative distribution center on McKay Center Drive in Humble, north of Houston. Construction began in October on the project that was designed to accommodate one to three tenants, with spaces as small as 50K SF. The building includes 4,360 SF of office space.
Angler Construction was the general contractor, Grey Wolf Engineers is the civil engineer of record, and Method Architecture is the architect of record.
FINANCING
JLL Capital Markets arranged an undisclosed dollar amount of construction financing for Clock Tower Residences, a boutique multifamily addition to the Heights Clocktower mixed-use project in the Houston Heights. JLL represented the borrower, a joint venture between Radom Capital and Asana Partners, in arranging the four-year construction loan through Veritex Community Bank.
JLL Capital Market’s Debt Advisory team included Colby Mueck, Michael Johnson, Davis Burnett and James Lovell.
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C2R Capital Management, a Houston-based private real estate credit platform, closed its inaugural $100M debt fund dedicated to supporting short-term, asset-backed bridge lending and note purchases. C2R Capital’s Secured Debt Fund I will have a concentration in Texas and other Sun Belt markets.
The fund will target a portfolio of first-lien bridge loans, performing and nonperforming note acquisitions and structured credit opportunities. C2R Capital was founded by real estate veterans Darryl Robinson, Brady Crosswell and Allen Crosswell.