800 Builders Acquires Echo Lane Office Campus In Houston For $26M

The Class A office campus located at 950 and 952 Echo Lane in Houston's Hedwig Village has been sold by Velocis to 800 Builders. The property comprises two buildings totaling 189,162 square feet, featuring amenities such as common area Wi-Fi, a fitness center, stained-glass ceiling atrium, and 578 parking spaces. Occupancy levels increased from 83 percent at the time of purchase to 97 percent upon sale.

Summary of transation details:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 950 Echo Ln, Houston, TX, 77024
• Market: Houston
• Seller's Rep: Rick Goings(JLL), Rudy Hubbard(JLL)
• Buyer: 800 Builders
• Total Square Footage: 189,162 SF

JLL's Senior Vice President, Kevin McConn, Vice President Rick Goings, and Managing Director Rudy Hubbard represented Velocis in the transaction. Velocis originally purchased the property in September 2012 and successfully raised rental rates and occupancy levels with minimal investment, ultimately deciding to sell the asset at the optimal time. The major tenants within the complex include Regus, Echo Energy, and Synergy Wealth Management.