Chevron Phillips Chemical Acquires Office Building In The Woodlands For $60M Renovation
9500 Lakeside Blvd The Woodlands, TX 77381, USA
Building Size
—
Asset Type
Office
Closing
Aug 3, 2023
About this deal
AI
Chevron Phillips Chemical is set to establish its new headquarters in The Woodlands, purchasing a six-story office building located at 9500 Lakeside Boulevard. The company plans to invest $60 million in renovations to accommodate its expanding workforce. The new headquarters is expected to open in early 2025.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $60 million
- Address: 9500 Lakeside Boulevard, The Woodlands
- Market: The Woodlands
Bruce Chinn, acting as the representative for Chevron Phillips Chemical, facilitated the purchase of the office building. With this acquisition, Chevron Phillips Chemical aims to meet the needs of its growing workforce and establish a strong presence in The Woodlands.
Players
Texas Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93