Marcus & Millichap Brokers Sale of 218,689 SF Office Campus in Northwest Houston
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Houston transaction velocity has been concentrated in industrial and Class A multifamily in the energy corridor and inner loop. Office remains a basis play. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
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On the RET wire
- The 51st Houston story tracked on the wire in August 2026. All Houston coverage →
- Disclosed office deal value tracked in August 2026: $17.1B across 72 reported transactions. All Office coverage →
- 145 stories mentioning Marcus & Millichap on the wire in the past 90 days. Marcus & Millichap coverage →
Computed from Real Estate Trail’s own tracked coverage
HOUSTON — Marcus & Millichap has brokered the sale of The Preserve at North Loop, a 218,689-square-foot office campus in northwest Houston. Built in 1970, the 12.7-acre campus consists of seven buildings that were app…
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