Less than two years ago, Novel Office bought 3555 Timmons Lane, a 227,064-square-foot office building. Novel has since spent $1.4 million on upgrades at the Greenway-Upper Kirby property, and the occupancy rate went from 55% to 95%. 17 new tenants have leased space during that time period.
Now, the 15-story property has sold again. Houston-based DML has purchased the tower. The Houston Business Journal reports JLL Capital Markets secured fixed-rate acquisition financing. The JLL Capital Markets team was led by Michael Johnson and Michael King and was supported by Scot Sarlin and James Lovell.
Since Novel Office launched the renovation project, at least 17 new tenants have leased space in the building, bringing its occupancy from 55% to 95%. The office tower was built in 1982 and was comprehensively renovated in 2017 before Novel Office’s makeover last year.
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