Triten Real Estate Partners has sold one of its few Houston office buildings, which it owned together with Affinius Capital.

The Houston-based real estate company developed the eight-story, 187,747-square-foot Lockton Place at 3657 Briarpark Drive in the Westchase area in 2017 and continues to have its offices there.

Its sale to Miami-based Gallium Capital closed last month, according to JLL’s Rick Goings, who represented the sellers along with Marty Hogan and Kevin McConn.

Goings did not disclose the sales price. The Harris Central Appraisal District valued the property at roughly $55.2 million as of Jan. 1, 2024.

Neither Gallium Capital nor Triten, through JLL, responded to requests for comment.

Insurance brokerage company Lockton Cos., which has occupied the building from the beginning, continues to lease about 120,000 square feet, or 65% of the property, according to JLL.

Amenities include a cafe, fitness center with showers and lockers, and a tenant lounge with meeting areas. The property is over 96% leased, JLL said.

“It's been well leased virtually since it was developed,” Goings said. “And that goes to the flight-to-quality story that everyone hears about.”

That trend is especially pronounced in west Houston, specifically three submarkets.

Total vacancy in the Energy Corridor-area submarkets Katy Freeway West, Katy Freeway East and Westchase decreased from 23.8% to 22.5% between the fourth quarters of 2023 and 2024, the largest downward change of any large office submarket cluster in the country, according to JLL research.

Vacancy in west Houston office properties built since 2015 fell from 12.3% to 6.9% over the same period, and JLL expects the vacancy gap between older and newer buildings to continue to widen this year.

Last year, Noble Corporation PLC (NYSE: NE) signed a lease for its new headquarters at 2100 CityWest Blvd. in the CityWestPlace office complex 2 miles northwest of Lockton Plaza. Noble had been in Sugar Land for 20 years before the Westchase lease.

CityWestPlace also recently gained Bechtel Corp., which celebrated the grand opening of its new offices last March after signing a 285,251-square-foot lease across two of the campus's buildings in 2022.

Also last year, Apache Corp. (Nasdaq: APA) consolidated its 800 Houston employees into an expanded space in One Briarlake Plaza at 2000 W. Sam Houston Parkway, just north of CityWest. The company previously was headquartered in the Uptown/Galleria area, but it also had been leasing 210,000 square feet at One Briarlake Plaza since 2010.

Farther south within Westchase, Houston-based Johnson Development Services is turning a former Halliburton campus into a 70-acre mixed-use district with office and retail space as well as apartments.

After the sale of Lockton Place, Triten does not appear to own any other office building in Houston. The 17-story, 428,629-square-foot 1111 Fannin in downtown, which the company acquired in 2020, is still on its website, but Triten sold that building to Harris County in 2021.

Triten’s mixed-use and multifamily division, in partnership with Houston-based Radom Capital, developed M-K-T, the adaptive reuse of five industrial buildings on 12 acres in the Heights, now home to office, retail, food, fitness and service tenants.

The joint venture also plans to turn the former Swift and Co. refinery complex next to M-K-T into a 60,000-square-foot mix of retail and creative office space and up to six restaurants.

In addition, Triten has more than 1 million square feet of industrial projects under development in Greater Houston.