1002 Gemini St
Houston, TX 77058
Gemini Building · Office Property For Sale

The Cushman & Wakefield Texas Multifamily Advisory Group is pleased to present the exclusive listing of 1002 Gemini located in Clear Lake, Houston, Texas in the heart of Clear Lake City’s commercial center. The asset is adjacent to the Clear Lake Medical Corridor, and located within ½-mile of NASA’s Johnson Space Center, which is home to ±12,000 employees and contractors. ***Investment Highlights*** Value Add Opportunity: The current occupancy of 1002 Gemini and tightening local market provides an investor with clear path towards increasing rents. Our research shows, rents of competing office assets in the market are experiencing higher rent psf with minimal upgrades. Comparable properties both directly across El Camino and next door are renovated office properties with rents ranging from $20- $27 psf. 1002 Gemini also has several existing leases coming up for renewal which have obtained approval to continue with minimal 3% increase. We believe higher rent increases can be achieved with minor interior and exterior upgrades. Due to its location, this property will compete closely with newer assets currently receiving higher rents. Quality Construction: Constructed in 1967 this asset has been built with the best of materials and sitting on a rock solid foundation. 1002 Gemini has undergone renovations in 1996 and 2009. In addition to the interior lobby renovation, AC system, the property had a new TPC roof system installed in 2010. Core Location In Submarket: Iconic Class B asset is situated on a hard corner intersection of bustling commuter traffic on both El Camino and Gemini Road. This location prominently commands respect from superior visibility and massive 3+ acre foot print. Growing Economy: Houston office building values have reached a low point in 2015 after significant drop in oil prices; however, in the last two years, the economics have improved drastically. Oil prices have leveled off globally, Houston continues to diversify and create jobs in non energy sector industries. • The aerospace industry including NASA’s Johnson Space Center (3,000+ employees), Boeing, and Lockheed-Martin, healthcare, and tourism are the major industries. • President Donald Trump has signed a bill (March 2017) authorizing $19.5 billion in funding for NASA, which includes human space exploration and a manned mission to Mars. It will create thousands of jobs including scientists, engineers, and astronauts in Texas, Florida and California. Limited New Construction: New project development in the office sector is at a historical low. Employment drivers have given way to steady employment growth and dramatic net absorption. Houston’s excellent job growth outlook and extended period of limited construction in the face of surging absorption present a compelling rental rate growth relative to other Sunbelt markets. The credit profile of the existing tenant base is outstanding. Noteworthy tenants include Whataburger Inc, Hammock, Legal Team, Bridge Crest Realty, JDM Steel to name a few. The Property is currently 96% occupied with a weighted average remaining lease term of 2.8 years.