A new owner has acquired Timberway One, a three-story office building located in Houston’s Energy Corridor submarket. The 93,578-square-foot property was purchased by LM & Associates from Banyan Street Capital in 2014. Banyan Street Capital had previously acquired the property as part of a larger portfolio from Parkway Properties.
JLL’s Marty Hogan oversaw the negotiations for the sale of Timberway One, which is currently 92% leased to tenants such as Thyssenkrupp, 2H Offshore and Medical Care Center. According to reports from the Houston Business Journal, the property was appraised at $8 million for tax purposes on January 1st,2024.
In addition to this recent transaction,Timberway One also saw significant activity last year with an absorption of over half a million square feet in office space within Houston’s Energy Corridor market. This further highlights its desirability and potential for future growth under its new ownership.
