This Week’s Houston Deal Sheet: 1550 On The Green Lands Its Second Tenant
Boston Consulting Group will lease 53K SF in 1550 on the Green, Skanska’s new office tower in Downtown Houston. The lease brings the 375K SF building at 1550 Lamar St. to 48% leased.
Boston Consulting Group plans to take occupancy during the fourth quarter of 2025. Law firm Norton Rose Fulbright previously leased 31% of the building and began moving in this month.
Skanska developed the building and completed construction in February. The building has eight levels of parking, a fitness center, a rooftop conference center and terrace, a restaurant and a coffee shop.
SALES
A local private investor purchased a 33K SF shopping center in Cypress. The property was listed by Logan Kelly at Newman Kelly Real Estate, who generated four offers and closed the property within 60 days of going under contract.
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Wellby Financial bought 9.5 acres at Interstate 45 South and Gulfbrook Drive in Houston. The location, near Baybrook Mall, will be Wellby Financial’s new headquarters. Construction is expected to start in 2025.
Kelly Hutchinson of Colliers Houston represented Wellby Financial.
LEASES
Jackson-Shaw’s Post Oak Logistics Park is fully leased after eFulfill leased all of Building B, which is 368K SF. The global logistics services company is a subsidiary of Henglin Home Furnishing Co.
Jackson-Shaw previously leased all of Building A to Festival Trading Co. An affiliate of Greystar Real Estate Partners is the equity partner. Rosenberger Construction is the general contractor, and Powers Brown Architecture is the architect. WGA Consulting Engineers is the civil engineering firm. BancFirst is the lender.
Cushman & Wakefield’s Beau Kaleel and Michael Foreman manage the leasing assignment.
FINANCING
Howard Hughes Holdings Inc. refinanced 9950 Woodloch Forest Drive, a 601K SF Class-A office tower in The Woodlands. The five-year, nonrecourse $130M loan has a fixed interest rate of 7.075%. The loan addressed Howard Hughes’ largest debt maturity in the next two years — it made up 24% of its 2025 debt maturities.
The office building was empty when Howard Hughes acquired it just before the pandemic began. It is now 98% leased, Howard Hughes Chief Financial Officer Carlos Olea said in a press release.
