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North Houston Class-A Tower | CityNorth 1 233 Benmar Dr

253,562 SF Vacant Office Building Online Auction Sale Houston, TX 77060

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Virtual Tour

Investment Highlights

  • CityNorth 1 includes a vacant Class A suburban office tower with a prime location in the Greenspoint Plaza, ideal for a value-add investor.
  • Numerous modern features, including secure, controlled access, 7 passenger elevators, wall-to-wall windows, and large floor plates.
  • Within a vibrant office park with numerous on-campus restaurants, covered walkways, modern outdoor seating, and professional landscaping.
  • Located just off the interchange of I-45 and Beltway 8, just 20 mins from Downtown Houston and 15 mins from George Bush Intercontinental Airport.
  • Best-in-class amenities include a tenant lounge with Swing golf simulator, ping pong, and a coffee bar, as well as an on-site fitness center.

Executive Summary

Join one of North Houston’s most desirable commercial hubs with the Class A Suburban office tower at 233 Benmar Drive, CityNorth 1. Delivered vacant, this is a can’t-miss opportunity for value-add investors, providing immense upside to tenant the property and collect growing office rents, up 1.5% annually.

CityNorth 1 was initially built in 1982 and totals 253,562 square feet across 12 stories, including a full basement and a penthouse suite. The property’s numerous modern features include a bright lobby with secure controlled access, seven high-speed passenger elevators, wall-to-wall windows, and a flexible mix of private and collaborative offices on spacious floor plates. The building was awarded LEED Gold Certification in 2014.

The best-in-class amenities at CityNorth 1 include a tenant-shared conference facility, a high-performance fitness center, and a well-equipped tenant lounge with a Full Swing golf simulator, a putting green, ping pong, pool tables, and a coffee bar. The property is equipped with a split-level parking garage that includes both covered and reserved parking options, providing ample spaces and reducing commute times.

Located just off the intersection of Interstate 45 and Highway 8, the property is easily accessible and facilitates quick and easy commutes. Further distance travel is supported by the George Bush Intercontinental Airport, reachable in just 15 minutes. Downtown Houston is 20 minutes away, providing opportunities for world-class entertainment, sports, and nightlife.

The area’s exceptional connectivity and surrounding amenities have attracted numerous desirable residential communities near CityNorth, including Kingwood, Champions, and the Woodlands. Within 5 miles of 17001 Northchase Drive, the population of more than 255,000 has grown by over 11% since 2010, delivering a stable workforce to new businesses.

Make your mark on the Houston market with this trophy office tower with unmatched amenities and convenient interstate access at 233 Benmar Drive - CityNorth 1.

Explore other exciting opportunities with the auctions of CityNorth 5 and CityNorth 6:

CityNorth 5: https://www.ten-x.com/listing/address/32628340

CityNorth 6: https://www.ten-x.com/listing/address/33689977

Offering Memorandum Click Here to Access

Data Room Click Here to Access

Market Analytics Click Here to Access

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Market Sale Price per SF

Houston - TX USA

Market Cap Rate

Houston - TX USA

Market Sale Price per SF by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Cap Rate by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Sale Price per SF Distribution

Market Cap Rate Distribution

Property Facts

Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
253,562 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
1982
Tenancy
Single
Building Height
12 Stories
Typical Floor Size
21,130 SF
Slab To Slab
10’
Building FAR
3.66
Lot Size
1.59 AC
Opportunity Zone
Yes
Zoning
CC
Parking
765 Spaces (3.02 Spaces per 1,000 SF Leased)

Amenities

  • Banking
  • Controlled Access
  • Dry Cleaner
  • Fitness Center
  • Food Service
  • Property Manager on Site
  • Security System

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Floor
  • 10,757 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 2nd Floor
  • 21,907 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 3rd Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 4th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 5th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 6th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 7th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 8th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 9th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 10th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 11th Floor
  • 22,101 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

  • 12th Floor
  • 21,989 SF
  • Office
  • Full Build-Out
  • Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

Space Size Space Use Condition Available
1st Floor 10,757 SF Office Full Build-Out Now
2nd Floor 21,907 SF Office Full Build-Out Now
3rd Floor 22,101 SF Office Full Build-Out Now
4th Floor 22,101 SF Office Full Build-Out Now
5th Floor 22,101 SF Office Full Build-Out Now
6th Floor 22,101 SF Office Full Build-Out Now
7th Floor 22,101 SF Office Full Build-Out Now
8th Floor 22,101 SF Office Full Build-Out Now
9th Floor 22,101 SF Office Full Build-Out Now
10th Floor 22,101 SF Office Full Build-Out Now
11th Floor 22,101 SF Office Full Build-Out Now
12th Floor 21,989 SF Office Full Build-Out Now

1st Floor

Size
10,757 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

2nd Floor

Size
21,907 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

3rd Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

4th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

5th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

6th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

7th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

8th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

9th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

10th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

11th Floor

Size
22,101 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

12th Floor

Size
21,989 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

1st Floor

Size 10,757 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

2nd Floor

Size 21,907 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

3rd Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

4th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

5th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

6th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

7th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

8th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

9th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

10th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

11th Floor

Size 22,101 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

12th Floor

Size 21,989 SF
Space Use Office
Condition Full Build-Out
Available Now

Two, Three, Four, Five and Six Greenspoint Place have contiguous space up to 1,437,884 square feet available.

About Greenspoint/N Belt West

The North Houston District is centrally located along Interstate 45 between Beltway 8 and the Grand Parkway, connecting the area to parts of Houston that have seen significant population and employment growth, including Springwoods Village, Cypress, Tomball, and the Lake Houston Area. It is also close to Houston’s largest airport, Bush Intercontinental.

ExxonMobil recently moved into more than 3 million square feet just minutes north of the area, bringing more than 10,000 employees to the locale. Corporate tenants such as ABS, HPE, and HPI also recently relocated to large new office campuses in Springwoods Village.

Job growth has been robust in this part of Houston also because of developments such as Grocers Supply and Conn’s HomePlus’ distribution centers, as well as Pinto Business Park, which is home to Amazon, Coca-Cola, and other large employers.

Since 2010, more than 80% of the population growth that has occurred in Harris County has been in its unincorporated areas, not far from the North Houston district. The area’s energy, business services, and healthcare tenants draw from the labor pool and customer base of residents and commuters who take Interstate 45 to and from work. High-end office space in North Houston is also more affordable than in nearby areas.

Investors are attracted to this area because of its strong economic base and the relative value assets here provide. Pricing is favorable, too, with the average price per square foot below Houston region’s average and at a discount from neighboring Northwest and Northeast.

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
2024 Population
19,895
102,014
243,136
2020 Population
20,178
103,451
252,800
2029 Population
20,267
103,925
246,495
2024-2029 Projected Population Growth
1.9%
1.9%
1.4%
Daytime Employees
14,066
51,649
102,648
Total Businesses
1,832
4,632
8,885
Average Household Income
$35,296
$50,683
$59,915
Median Household Income
$29,418
$37,092
$43,052
Total Consumer Spending
$126M
$746.1M
$1.9B
Median Age
29.5
30.3
31.5
2024 Households
7,712
33,522
74,869
Percent College Degree or Above
4%
6%
7%
Average Home Value
$150,863
$165,754
$179,504

zoning

Zoning Code CC
CC

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
1121140000009
Land Assessment
$831,480
Improvements Assessment
$4,751,333
Total Assessment
$5,582,813

Sale Advisor

Sale Advisor

(713) 830-2135
Contact
David Carter, Principal & Director
(713) 830-2135
Contact
David Carter, Principal, Director and sits on the Governance Council. Titans Award recipient for top revenue producer and Everest Award recipient for top production across the enterprise. Carter specializes in the areas of brokerage and investment sales of office, flex and industrial buildings. Carter has successfully represented an extensive client base in dispositions, sale leaseback, build to suit, joint ventures, partnership structure, acquisitions and development.
Expertise, knowledge and commitment to clients are Carter’s skill set that allow his clients to make critical decisions with the right information, delivering valuable real estate solutions to grow their business.
Carter has consistently been recognized as a Houston top producer in commercial real estate since 1997 and has earned the professional designations of Certified Commercial Investment Member (CCIM) and Society of Industrial and Office Realtors (SIOR), President in 2009.
He is a member of NAIOP and licensed real estate broker in the State of Texas, holds a Bachelor of Business Administration degree specializing in Finance from Sam Houston State University and is a member of Sigma Chi Fraternity.

About the Auction Platform

Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More

Auction Contact

Derek Rudd
Auctioneer License: Ten-X Commercial, LLC Todd Siegel RE Brkr 9004662
  • Listing ID: 33565445

  • Date on Market: 10/30/2024

  • Last Updated:

  • Address: 233 Benmar Dr, Houston, TX 77060

Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount Transaction Fee
$0m to < $1m 5.00% ($20,000 min)
$1m to < $3m 3.00%
$3m to < $5m 2.50%
$5m to < $10m 2.25%
$10m to < $15m 2.00%
$15m to < $25m 1.75%
$25m to < $35m 1.50%
$35M to < $45M 1.00%
$45M to < $55M 0.75%
$55M and Up 0.50%
Example Calculation
Winning Bid Amount $4,000,000 Transaction Fee $100,000 (2.5%) Total Purchase Price $4,100,000

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