The Woodlands, TX, December 29, 2020 – NAI Partners announced today that is has arranged the sale of five buildings totaling 260,950 sq. ft. at 8800 Technology Forest Drive, located in The Woodlands, TX. The main building on the former Lexicon Pharmaceuticals campus is a 128,400-sq.-ft. Class A office property with laboratory space. Additional properties on the site include a 1-story flex property with lab and office space, as well as two special-use facilities.
This is the single-largest commercial real estate sales transaction in the Life Sciences sector in the Greater Houston area in 2020.
NAI Partners’ Dan Boyles and Jon Silberman represented the seller, Lexicon Pharmaceuticals. Lexicon will be relocating its corporate headquarters to a new location in The Woodlands.
“We’ve been seeing life sciences real estate activity ramping up in and around the Greater Houston area in a big way,” said Mr. Boyles. “When we initially listed the property, we thought it might have more broad appeal as a redevelopment opportunity, but there was plenty of interest from potential laboratory, office and biological manufacturing users, further underscoring Houston’s growing appeal as a life sciences hub.”
Further accentuating that draw is the fact that multiple major life sciences and innovation developments are in the works throughout Houston per a recent report in Bisnow, including TMC3, which is owned by the Texas Medical Center; Rice University’s The Ion project; Hines and 2ML Real Estate Interests’ Levit Green; and Medistar Corp.’s Innovation Tower, as well as the forthcoming Texas A&M Innovation Plaza development, which will include medical office and lab space within its Horizon Tower.
Lexicon Pharmaceuticals is a biopharmaceutical company that is applying a unique approach to gene science based on Nobel Prize-winning technology to discover and develop precise medicines for people with serious, chronic conditions. Using a patient driven approach, the company is working to discover and develop innovative medicines to safely and effectively treat disease and improve patient lives.
For additional information about the sale of the Lexicon Pharmaceuticals campus, please contact Larry Koestler, Senior Vice President of Marketing & Communications, at 713.629.0500.
About NAI Partners
NAI Partners is one of the top 5 largest privately held and independently owned commercial real estate services firms in the state of Texas. NAI Partners was founded and is headquartered in Houston and has offices in San Antonio and Austin; offers the geographic expertise to complete real estate transactions throughout the state; and can leverage the power of the NAI Global network to arrange deals in any location around the world. NAI Partners employs more than 150 real estate professionals, and arranges more transactions than any of its competitors, completing over 700 commercial lease and sale arrangements every year. NAI Partners is a full-service firm offering client leasing and sales solutions in the areas of Office Tenant Representation, Office Project Leasing, Industrial Tenant Representation, Industrial Project Leasing, Retail Tenant Representation, Retail Project Leasing, Landlord Services, Property Management, Investment Sales, Valuation and Advisory Services, Partners Facilities Services (PFS), and Project Management, among other lines of business. The company also has an investment fund platform called Partners Capital, and a development vehicle called Partners Development, both of which are wholly owned subsidiaries of NAI Partners. NAI Partners is the top Houston-based full-service commercial real estate firm on the Inc. 5000 list of fastest-growing private companies in America; the 5th-largest Houston-Area Commercial Real Estate Brokerage and #1 Mover of Square Feet among leasing and sales brokerages in Houston per the Houston Business Journal; the only commercial real estate firm on the Houston Business Journal’s Mid-Market 50 list; a top 12 largest San Antonio Commercial Real Estate Brokerage per the San Antonio Business Journal; and a top 20 Property Management Firm by square feet under management in Houston per the Houston Business Journal. NAI Partners has been named a Best Place to Work by the Houston Chronicle, Houston Business Journal and Austin Business Journal; and is among the University of Houston’s Cougar 100 Fastest-Growing Companies.