Woodlands Venture Tech 5 Sold

The Woodlands Operating Co. has sold 4200 Research Forest Drive in The Woodlands, TX to Patrick J. Kelly. 4200 Research Forest, known as Woodlands Venture Technology Center V, is a single-story, 59,956-square-foot flex building. Doug Nicholson and Martin O'Malley, both with Grubb & Ellis, represented the seller. Asking price for the property, which had been on the market since April 2000, was $5.5 million, roughly $92 per square foot. The building was fully leased at the time of the transaction. Woodlands Operating Co. developed the 512,146-square-foot flex complex during the 1990's. This was the second building sold in 2001 - G.F. Tangent Partners II LP bought Building VIII in October, in another transaction negotiated by Nicholson and O'Malley.