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incoln Property Company is auctioning off two office buildings in the former ExxonMobil campus in Greenspoint, Houston. The properties, CityNorth 1 and CityNorth 6, were renovated just eight years ago with an $80 million investment. Bidding starts at $1.85 million for CityNorth 1, a 12-story building spanning 254,000 square feet, and $2.4 million for CityNorth 6, a 14-story building covering 356,000 square feet.

    The buildings were renovated in two years, concluding in late 2019, as part of a broader effort to revitalize the Greenspoint neighborhood. The area had previously struggled with high crime rates, earning it the nickname "Gunspoint." As part of the renovation, Lincoln Property added amenities such as a fitness center, conference center, and entertainment facility.

    The Houston office market continues to face challenges, including high vacancy rates. According to the Greater Houston Partnership, the city's vacancy rate was 25.7% in the fourth quarter, with older properties being particularly affected. This translates to $1.56 billion in lost rental revenue each year, as reported by Bisnow citing data from Cushman & Wakefield.