An office building in north Houston is getting auctioned off as its main tenant leaves.
Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM) is leaving Greenspoint Place, a six-building, 36-acre office complex. That dropped the property’s occupancy below 40 percent, Houston-based Hines told the Houston Business Journal. Hines owns the building in partnership with the General Motors Pension Fund.
“Considering the average occupancy rate in this depressed submarket is only about 50 percent, due largely to the fact the energy market is hurting, ownership of the asset will be turned over to the lender,” Hines said in an emailed statement. “We believe that is the best course of action for the property at this juncture.”
Read more at Houston Business Journal.