Houston developer makes bold move near the Energy Corridor

Another company in the commercial real estate industry hopes to reverse the downward trend in office leasing in Houston. Mission Companies, a Houston-based family-owned company recently acquired a 117,261-square-foot office building near the Energy Corridor.

The Westchester, located at 11451 Katy Freeway is located near City Centre, Memorial City, and Town & Country. The complex will be in one of the nation’s most active leasing sub-markets of the last year, according to JLL Capital Markets, who represented the seller in the sale of the property.

“We know the West Houston office market and are excited to continue to add value to this project and its’ tenants,” said Mission President and Founder, Dennis Nelson.

The six-story building was built in 1999 and is 74 percent leased. With immediate access to Interstate 10 and Beltway 8, The Westchester takes advantage of West Houston’s rapid growth and westward migration, as Houston residents search for more affordable living options. According to JLL, West Houston has seen 155-percent population growth over the last three decades, compared to 85-percent growth in the Houston metro.

The commercial real estate sector in Houston experienced a sluggish year, with leasing activity dropping by 35 percent in the fourth quarter of 2023, according to a report by industry research firm Savills. It’s the slowest it’s been in five years, per the latest report from Savills.The decline fits into a larger trend as 2023 saw a 12 percent overall drop in leasing activity compared to 2022.

The Westchester offers a range of on-site facilities, including a conference center, deli, private courtyard and putting green. The site spans two acres and also provides structured parking facilities.

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