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THE WOODLANDS, TX-In an ongoing disposition of office and flex assets, the Woodlands Operating Co. LP has brought to market a fully leased, class A portfolio with 233,473 sf packaged in four buildings in the Woodlands. No asking price has been attached to the portfolio, but real estate sources tell GlobeSt.com that it’s likely to reap $22 million to $25 million.

John Landrum, the Woodlands’ chief investment officer, expects the latest offering will match the average that other sales have brought, $100-plus per sf. In the last three years, the developer has sold more than $300 million of office and flex buildings.

Landrum tells GlobeSt.com that the plan is to deploy the gain from the Research Forest sale into developing hospitality space and a new residential village, Harmony Bend. Future development will bring additional office and flex structures.

Developed between 1992 and 1998, the office complex is positioned on about 25 acres along Research Forest and New Trails drives, a couple miles from US 45 North. Three of the four buildings are leased to single tenants: Aronex/Antigenics, 30,000 sf; Exult Inc., 71,000 sf; and McLeod USA, 68,868 sf. The fourth building, totaling 63,605 sf, is leased to McLeod and El Paso Global Network Co.

The Holliday Fenoglio Fowler LP team in the city of senior managing director Jim Savage and senior director Jeff Hollinden hold the listing. According to Hollinden, the portfolio is free and clear of debt.

Hollinden says the first lease will roll in three years and the others will come up for renewal in four, five and six years. A packaged sale is the way to go, he explains, because it keeps the cash flow steady as leases roll. Its primary attractions are the clustering of the buildings on a common campus near a lake and flexible designs should a vacancy occur in the future.

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