HOUSTON – July 20, 2022 – JLL Capital Markets announced today that it has closed the sale of Oak Park Office Center II, a two-story office building totaling 206,362 square feet in Houston, Texas.
JLL marketed the property on behalf of the seller, Office Properties Income Trust, in the sale to a Houston-based private investment group that invests across Texas.
The two-story office building is currently 49.0% occupied on a long-term basis by Men’s Wearhouse, a wholly owned subsidiary of Tailored Brands, the retail holding company for various apparel stores, including Joseph A. Bank. The tenant uses the first floor of Oaks Park Office Center II as their headquarters. In addition, the property offers 1,070 parking spaces and has three access points along Rogerdale Road.
Oak Park Office Center II is located at 6380 Rogerdale Rd. in the Oak Park Business Park, strategically placed at the intersection of Beltway 8 and Westpark Tollway. The property is positioned within the Westchase District, Houston’s fourth largest office submarket, home to more than 1,500 businesses, including several Fortune 500 companies, such as Phillips 66, Honeywell, ABB, Schlumberger, Sabic, Equinor, BMC, Emerson, Worley and more. The office buildings proximity to Interstate 10, US-59, Beltway 8 and Westpark Tollway provides access to more major highways than any other area of Houston. As a result, the property is within 30 minutes from any major destination in Houston, including both major airports, the Texas Medical Center, Katy, Sugar Land, Downtown, the Galleria, the Energy Corridor and Greenway Plaza. Additionally, the Westchase District has a strong demographic base of well-educated and high-income workers residing in and nearby the submarket.
The JLL Capital Markets team representing the seller was led by Managing Directors Kevin McConn and Marty Hogan and Analyst Jack Moody.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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