Griffin Properties Inc has agreed to pay $24.5 million for Lexicon Pharmaceuticals‘ (Nasdaq: LXRX) property in The Woodlands, TX, which is commonly known as 8800 Technology Forest Place.
HFF served as the seller’s broker in this transaction. The closing is currently scheduled to take place on February 10, 2015.
Lexicon Pharmaceuticals says it currently owns about 260,000 square feet of space for its corporate offices and laboratories in buildings in The Woodlands, which is a suburb of Houston, TX.
The contract between Lexicon Pharmaceuticals and Griffin Properties includes six buildings that combined total 260,950 square feet. The largest is Building Four, a three-story building totaling 128,400 square feet. Building Five, a two-story building, totals 60,000 square feet, while Buildings One, Two and Six are all single story buildings totaling 36,750 SF, 29,600 SF and 6,200 SF, respectively.
As part of the agreement, Lexicon Pharmaceuticals will lease back all of the third floor in Building Four, which consists of 40,000 rentable square feet. The tenant also has the option to occupy all or a portion of Building One, Building Two, or Building Five.
The property is Lexicon Pharmaceuticals’ former campus, according to a November 2014 posting on LoopNet, which calls the 12.4-acre parcel a redevelopment and repositioning opportunity due to its infill location and close proximity to both Hughes Landing and Research Forest Lakeside.
Located within the Venture Technology Center, a master-planned business park comprised of 26 buildings and approximately 1.6 million square feet, Lexicon’s campus was constructed between 1987 and 2002. Deed restrictions allow for up to 370,000 square feet of office and/or lab space on the site
“This is the only currently available opportunity to capitalize on the unmatched momentum of The Woodlands office market,” the LoopNet listing says.
Lexicon is a biopharmaceutical company with clinical-stage drug programs for diabetes, carcinoid syndrome, and other indications, all of which were discovered by Lexicon’s research team, according to the company’s website. Lexicon says it has used its proprietary gene knockout technology to identify more than 100 promising drug targets.
Griffin Partners is a commercial real estate development, management and leasing company that lists its address at 1177 West Loop South in Houston, TX.