March 30, 2021 12:00 PM
Newmark announces the opportunity to acquire Gemini Plaza, a 158,625-square-foot office building at 1150 Gemini Street in Houston, Texas. The asset is located two blocks from NASA’s Johnson Space Center and 20 miles southeast of downtown Houston. Newmark Vice Chairmen John Alvarado and Andy Iversen, and Managing Director Joshua Brown are representing the seller.
Capital improvements exceeding $6 million have been completed at the property since 2014. The building has a corporate cafeteria with large dining room and surface parking at a ratio of 4/1,000 square feet. The seller, which is currently headquartered at the building, is willing to lease back approximately 50,000 square feet for up to three years.
“Gemini Plaza provides a compelling opportunity to acquire an asset with upside potential in a suburban market that is enjoying brisk leasing activity from new activity at NASA and the aerospace industry in general,” said John.
Gemini Plaza is located in the NASA/Clear Lake submarket in southeast Houston, which is well positioned to capture demand from companies in the high-growth space technology industry. According to Newmark Research, the submarket is outperforming the broader Houston market with occupancy at approximately 88% compared to approximately 80% for the overall market.
The Clear Lake area features master-planned residential communities with moderately-priced housing, high-quality public and private schools, and the University of Houston-Clear Lake campus. Unique to Houston, the area offers water-adjacent lifestyle and recreation–including marinas, nature centers and a wildlife park–along Clear Lake. Gemini Plaza is less than three miles east of Interstate 45 (I-45), eight miles south of Beltway 8 and the Houston Spaceport, and 14 miles from Houston’s Hobby Airport.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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