Lincoln Property Co. secured two leases totaling 34K SF at Intercontinental Park, a three-story, 84K SF office building at 16801 Greenspoint Park in Houston. The deal is a sign of life in an area that has seen its share of struggles recently.
Greenspoint, now officially the North Houston District, has struggled following several high-profile exits, most notably Exxon Mobil's. For decades the area prospered thanks to its proximity to Bush Intercontinental Airport, Sam Houston Tollway and Interstate 45, but now the area has some of the highest office vacancies in the Houston area.
Intercontinental Park has been one such property. With two new leases totaling 34K SF, the asset went from 23% to 52% leased. Interactive Learning Systems, represented by Vanguard Commercial's Steve Jenkins, signed for 16K SF. Centre Technologies, represented by CRESA Partners' Gary Lawless, signed for 18K SF. The landlord, Lincoln Property, was represented by its own Virgil Hydes and Kevin Wyatt.
“The Greenspoint area continues to be attractive to businesses looking for a good location and abundant amenities,” Hydes said.
Though the area has had its struggles recently, several efforts are in motion to correct the course. Lone Star College is considering opening its seventh location in the area and a group of investors is working to turn around Greenspoint Mall. Earlier this year, Lincoln Property purchased Greenspoint Place, the six-building office portfolio that went into foreclosure after Exxon vacated.
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