Charter School Organization Buys Energy Corridor Office Building
Harmony Public Schools bought a 171K SF Class-A office building at 1255 Enclave Parkway in Houston’s Energy Corridor, the latest in a series of Houston offices to trade hands.
Harmony Public Schools, a charter management organization with more than 60 public charter schools in Texas, will utilize the entire building for back office space, JLL said in a news release.
JLL marketed the property on behalf of the seller, who was not named in the release. Property records indicate the building was previously owned by EQT Group. The building is also listed in the company’s online portfolio.
The sale price was also not disclosed, but Harris Central Appraisal District valued it at about $18.6M last year, a sharp drop from its $28M valuation in 2022. But the Energy Corridor remains a strong segment of Houston’s office market, JLL Capital Markets Managing Director Kevin McConn said in a news release.
“Over the past year, nearly four million square feet of office leases have been executed in the Energy Corridor submarket, which is an underlying driver of sales in the market,” McConn said. “We had a generous amount of investor interest in the Class A building and ultimately it was awarded to a user/owner, who will utilize the entire building for back-office space.”
The six-story building is within The Enclave, a 120-acre, 3M SF office development. Amenities at 1255 Enclave, which was built in 1999, include a three-story parking garage, a fitness center and outdoor seating.
JLL’s Capital Markets Investment Sales and Advisory team, representing the seller, was led by McConn and Marty Hogan.
Hogan previously told Bisnow that he expects a busy year in Houston’s office investment sales market. In late January, JLL had already sold two buildings and had another eight expected to close by the end of the first quarter, he said.
A number of sales have happened in the Energy Corridor, including the 94K SF Timberway One, which LM & Associates purchased from Banyan Street Capital. Austin-based Capital Commercial Investments Inc. bought two Energy Corridor office buildings last year.
JLL Capital Markets also represented an unnamed seller in the sale of a 207K SF office building in Northwest Houston, it announced in January. The ownership of that building was also previously tied to EQT Group.
