Jun 20, 2016
North Houston Greenspoint Place going to highest bidder
HOUSTON - An office building in north Houston is getting auctioned off as its main tenant leaves.Exxon Mobil Corp. is leaving Greenspoint Place, a six-building, 36-acre office complex. That dropped the property's occupancy...
HOUSTON - An office building in north Houston is getting auctioned off as its main tenant leaves.
Exxon Mobil Corp. is leaving Greenspoint Place, a six-building, 36-acre office complex.
That dropped the property’s occupancy below 40 percent, Houston-based Hines told the Houston Business Journal.
In June 2015, the occupancy rate at Greenspoint was about 75 percent and expected to drop.
The Greenspoint/IAH/North Belt submarket had seen an 8.2 percent decline year over year in occupancy.
"Considering the average occupancy rate in this depressed submarket is only about 50 percent, due largely to the fact the energy market is hurting, ownership of the asset will be turned over to the lender," Hines said in an emailed statement.
The property is planned to be auctioned in a foreclosure sale July 5.
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