Done Deals: JLL completes sale and arranges financing for Sugar Land, TX office complex to first-time office buyer

Wednesday, March 6, 2024

JLL completes sale and arranges financing for Sugar Land, TX office complex to first-time office buyer

The Offices at Kensington, a two-building, Class A
office complex totaling 171,055 square feet
in Sugar Land, TX

HOUSTON, TX, Mar. 6, 2024 – JLL Capital Markets has completed the sale of and arranged financing for The Offices at Kensington, a two-building, Class A office complex totaling 171,055 square feet in Sugar Land, Texas.

JLL represented the seller, Buchanan Street Partners, in the sale of the property to DML Capital. In addition, JLL worked on behalf of DML to secure the fixed-rate acquisition loan. Financial details were not disclosed.

Rick Goings

JLL’s Investment Sales & Advisory team representing the seller was led by Senior Director Rick Goings and Managing Director Marty Hogan.

JLL’s Debt Advisory team representing the borrower was led by Managing Director Michael Johnson and Director Michael King.

The Offices at Kensington is located at 1600 and 1650 Highway 6, at the intersection of Highway 6 and Interstate 69, Sugar Land’s “main and main” intersection.

The property is highly visible to the 157,000 vehicles per day that pass through this intersection and is close to many of Houston’s major thoroughfares, providing a convenient commute to the residential communities in the western and southern suburbs of Houston.

Marty Hogan

Additionally, The Offices at Kensington are close to a variety of retail, restaurant and entertainment offerings in the Sugar Land area.

The four-story buildings are 84.1% leased to a diverse rent roll of tenants in the real estate, accounting, engineering and consulting industries, among others. The properties are comprised, primarily, of suites under 5,000 square feet, which fits the needs of smaller office tenants that dominate the Sugar Land market.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers.

Michael King

The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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