Stabilized Office w/ High Yield Near I-45 | 550 Greens Pky
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Stabilized Office w/ High Yield Near I-45 550 Greens Pky
73,019 SF 92% Leased Office Building Online Auction Sale Houston, TX 77067
You have won the auction!
Please check your email for next steps from the Contracts & Closing Team.
The bid amount you entered is less than the next minimum bid amount, please try again
Confirm your bid amount of
{{Auction.BidAmount}}
Investment Highlights
- 550 Greens Parkway provides an income generating, stabilized suburban office with a prime location just off the I-45/Beltway 8 Interchange.
- Upscale interiors with a bright two-level atrium, two high-speed elevators, and large floor plates with private and collaborative office spaces.
- Supported by a 3-mile population of more than 124,000 and daytime employment of more than 48,000, with 79% working in service-related industries.
- Located just 20 minutes from Downtown Houston and 15 minutes from the George Bush Intercontinental Airport.
- Ideal for medical businesses, the property is within 10 mins of the HCA Houston Healthcare Northwest Campus and the North Houston Medical Plaza.
Executive Summary
Colliers invites users and investors to discover this prime opportunity to acquire the fee simple interest in 550 Greens Parkway. This vibrant facility offers 73,019 square feet of modern medical office space just off the junction of Beltway 8 and Interstate 45 in the thriving Greenspoint commercial hub in Houston, Texas.
The two-story property provides an attractive option for businesses in medical fields to source well-equipped space for their operations. Built in 1999, the building has been expertly maintained and boasts desirable features, including a bright two-level atrium lobby, updated interiors, and two high-speed passenger elevators. A spacious 4.62-acre corner lot provides abundant parking, with a parking ratio of 4.64/1000 and a mix of covered and surface stalls. Professional landscaping provides a park-like atmosphere, offering views of lush greenery from the building’s large windows. Currently approximately 91% occupied, the building includes substantial existing income along with a lease upside for a value-add investor to fill the remaining vacancies and improve revenue.
550 Greens Parkway enjoys unmatched accessibility, sitting just off the intersection of North Houston’s two principal arterials. Traveled by more than 300,000 vehicles daily, these crucial thoroughfares provide quick commutes to employees and aid leasing efforts with strong exposure to a large pool of Houston professionals. Longer distance travel is facilitated by the George Bush International Airport, reachable in just 15 minutes. Healthcare businesses benefit from the building’s proximity to the area’s busiest hospitals. Both the HCA Houston Healthcare Northwest Campus and the North Houston Medical Plaza are reachable in approximately 10 minutes.
While its namesake mall may now have closed, Greenspoint remains a thriving commercial destination with a lot going on. A new housing development, Summit at Renaissance Park, is the first of many planned developments at the former mall. Easy access to major freeways and quality urban amenities have long attracted major office and industrial tenants to Greenspoint, including Amazon, FedEx, Frito-Lay, Sysco, and many more. Supporting these operations is a large surrounding concentration of national retailers, large hotels, and quality residential neighborhoods. Residents and workers can also quickly reach the urban core of Downtown Houston, providing best-in-class shopping, dining, recreation, and nightlife experiences. Within three miles of 550 Greens Parkway, Greenspoint delivers a population exceeding 124,000 and daytime employment of more than 48,000. With more than 79% of these workers employed in service-related fields and more than 16% working in medical fields, there is a significant population of potential tenants and employees for new businesses at the subject property.
Help shape the future of one of Houston’s most exciting commercial destinations with the contemporary medical offices at 550 Greens Parkway.
The two-story property provides an attractive option for businesses in medical fields to source well-equipped space for their operations. Built in 1999, the building has been expertly maintained and boasts desirable features, including a bright two-level atrium lobby, updated interiors, and two high-speed passenger elevators. A spacious 4.62-acre corner lot provides abundant parking, with a parking ratio of 4.64/1000 and a mix of covered and surface stalls. Professional landscaping provides a park-like atmosphere, offering views of lush greenery from the building’s large windows. Currently approximately 91% occupied, the building includes substantial existing income along with a lease upside for a value-add investor to fill the remaining vacancies and improve revenue.
550 Greens Parkway enjoys unmatched accessibility, sitting just off the intersection of North Houston’s two principal arterials. Traveled by more than 300,000 vehicles daily, these crucial thoroughfares provide quick commutes to employees and aid leasing efforts with strong exposure to a large pool of Houston professionals. Longer distance travel is facilitated by the George Bush International Airport, reachable in just 15 minutes. Healthcare businesses benefit from the building’s proximity to the area’s busiest hospitals. Both the HCA Houston Healthcare Northwest Campus and the North Houston Medical Plaza are reachable in approximately 10 minutes.
While its namesake mall may now have closed, Greenspoint remains a thriving commercial destination with a lot going on. A new housing development, Summit at Renaissance Park, is the first of many planned developments at the former mall. Easy access to major freeways and quality urban amenities have long attracted major office and industrial tenants to Greenspoint, including Amazon, FedEx, Frito-Lay, Sysco, and many more. Supporting these operations is a large surrounding concentration of national retailers, large hotels, and quality residential neighborhoods. Residents and workers can also quickly reach the urban core of Downtown Houston, providing best-in-class shopping, dining, recreation, and nightlife experiences. Within three miles of 550 Greens Parkway, Greenspoint delivers a population exceeding 124,000 and daytime employment of more than 48,000. With more than 79% of these workers employed in service-related fields and more than 16% working in medical fields, there is a significant population of potential tenants and employees for new businesses at the subject property.
Help shape the future of one of Houston’s most exciting commercial destinations with the contemporary medical offices at 550 Greens Parkway.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
{{summary.v}}
{{summary.t}}
{{headerValue}}
{{rowValue.t}}
{{rowValue.to}}
{{rowValue.l}}
{{rowValue.h}}
{{summary.v}}
{{summary.t}}
{{headerValue}}
{{rowValue.t}}
{{rowValue.a}}
{{rowValue.l}}
{{rowValue.h}}
{{rowValue.m}}
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
73,019 SF
Building Class
B
Year Built
1999
Percent Leased
92%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
36,510 SF
Slab To Slab
11’
Building FAR
0.36
Land Acres
4.62 AC
Zoning
None
Parking
446 Spaces (4.74 Spaces per 1,000 SF Leased)
Amenities
- Controlled Access
- Security System
- Signage
- Reception
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
3 Mile
5 Mile
2024 Population
8,973
124,409
282,426
2020 Population
8,675
127,391
293,859
2029 Population
9,223
126,502
286,288
2024-2029 Projected Population Growth
2.8%
1.7%
1.4%
Daytime Employees
9,768
48,326
104,053
Total Businesses
764
4,512
10,374
Average Household Income
$36,420
$55,200
$61,099
Median Household Income
$27,669
$39,669
$44,325
Total Consumer Spending
$57.4M
$941.9M
$2.3B
Median Age
29.1
30.8
31.8
2024 Households
3,262
40,205
88,780
Percent College Degree or Above
4%
7%
8%
Average Home Value
$129,664
$176,663
$184,025
zoning
| Zoning Code | None |
| None |
PROPERTY TAXES
| Parcel Number | 1152140000231 | Improvements Assessment | $3,062,249 |
| Land Assessment | $2,011,080 | Total Assessment | $5,073,329 |
PROPERTY TAXES
Parcel Number
1152140000231
Land Assessment
$2,011,080
Improvements Assessment
$3,062,249
Total Assessment
$5,073,329
Sale Advisor
Sale Advisor
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.
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
Contact
Auctioneer License:
Ten-X Commercial, LLC Todd Siegel RE Brkr 9004662
-
David Carter -
Colliers
1 of 31
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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
Presented by
Stabilized Office w/ High Yield Near I-45 | 550 Greens Pky
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Presented by
Stabilized Office w/ High Yield Near I-45 | 550 Greens Pky
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.