Cypress Crossing III, LP

Asset type: Office Building · Location: Houston, Texas

Capital Commercial Investments, Inc. (“CCI”) is pleased to present our investment opportunity, Noble Energy Center I (“NEC1”), located at 1001 Noble Energy Way in Houston, Texas. The Property boasts a prime location in the heart of Northwest Houston, between the Energy Corridor and The Woodlands, strategically positioned near growth centers for corporate relocations and high-growth population areas. The location provides exceptional access to major transportation routes including State Highway 249 (Tomball Parkway), State Highway 99 (Grand Parkway), and the Texas 8 Beltway (Sam Houston Parkway). NEC1 is approximately thirty-five (35) minutes from the Houston Galleria, twenty-five (25) minutes from the Energy Corridor, and is within Tomball ISD, a top-three-ranked school district in Harris County. NEC1 is also near a robust amenity base, including retail centers, dining options, and recreational facilities. CCI has the opportunity to acquire the Property at a total purchase price of $18.2 million, equivalent to 7.8% of the estimated replacement cost ($233.1 million) of the building and four-level parking garage. Originally constructed in 1999 and extensively renovated in 2014 for Noble Energy, this 497,477 square foot, ten-story “Class A” office building is designed to meet the needs of corporate users seeking a modern and attractive workspace. The Property is currently 100% vacant, with furniture and fixtures in-place, presenting CCI with a unique opportunity to acquire a high-quality move-in ready asset at a competitive price, significantly below the estimated replacement cost and historical trades. NEC1 features a freestanding parking garage connected by an enclosed sky bridge with 1,789 spaces, providing a parking ratio of 3.6 per 1,000 square feet, which is highly favorable for tenants. The building includes a variety of amenities such as conference facilities totaling 22,617 square feet, a cafeteria of 16,623 square feet, and a fitness center of 15,898 square feet, enhancing the overall tenant experience and making it an attractive option for companies looking to attract and retain top talent. The Property has been institutionally owned and managed since its renovation, showcasing a modern design with high-quality finishes. The architecture features expansive windows that allow for ample natural light, creating a welcoming environment for tenants and visitors alike. The well-maintained grounds and outdoor areas further enhance the appeal of NEC1, aligning with the current trend of businesses seeking vibrant and amenity-rich office spaces. With its strategic location, high-quality construction, and extensive amenities, NEC1 represents a compelling investment opportunity for CCI to capitalize on dislocation in the office market by acquiring a premier asset that is poised for future growth and large-format tenant demand.