Dealmaker: JLL Capital Markets Secures $46M for Houston Office Park

JLL Capital Markets, Chicago, secured a $46 million loan through Morgan Stanley, New York, for a four-building office campus northwest Houston. 

Subject property Chasewood Technology Park totals 464,000 square feet. It includes One, Two, Three and Four Chasewood at 20333, 20405, 20445 and 20329 State Highway 249. The 10.4-acre site is in one of Houston’s fastest-growing submarkets near the intersection of State Highway 249 and Louetta Road between the Grand Parkway and Sam Houston Tollway. The multi-story buildings are 92.9 percent leased to tenants in the oil and gas, consulting, technology, engineering, architecture and healthcare industries.

The northwest Houston area has seen market-leading population growth due to its proximity to The Woodlands and the Energy Corridor. Planned nearby development includes Class A multifamily housing, retail pads and jogging/biking trails along Cypress Creek, which abuts the property.

JLL also brokered the property’s sale. It represented seller The GenCap Group, Dallas, and buyer Nitya Capital, Houston.  

The GenCap Group acquired Two Chasewood in 1997 and One Chasewood shortly thereafter. It developed Three Chasewood and Four Chasewood in the 2000s. Four Chasewood delivered as the 2008 financial crisis began, but was more than 85 percent leased within a year.

GenCap said it sold the portfolio because one of its partners, a Dutch pension fund, is divesting all of its U.S. holdings.

The JLL Capital Markets team representing The GenCap Group was led by Director Rick Goings and Analyst Ethan Goldberg. JLL Capital Market Senior Director John Ream and Associate Laura Sellingsloh led the financing efforts. “This portfolio is among the first large office trades to occur in the Houston market since COVID-19 hit the U.S.” said Goings.