Developed by Hewitt Associates in the early 1980s, the asset rolled into the Woodlands' parent portfolio about three years ago as a partial swap for 70 acres, now Hewitt's 550,000-sf corporate campus, John Landrum, the Woodlands' chief investment officer, tells GlobeSt.com.

The operating company has more than $1 million into renovating Woodlands Southgate, which sits on about 4.5 acres at 25231 Grogan's Mill Rd., according to Landrum. The 65%-leased building has come to market without a minimum asking price, but real estate sources believe it will deliver about $9 million for the seller.

The same HFF team--senior director Jeff Hollinden and director Jim Savage--that is marketing a four-building office portfolio in the Woodlands has the Southgate listing. Landrum stresses the Woodlands is not a long-term holder of office properties, but rather prefers to recycle its capital for other projects. In addition to five buildings up for grabs, two sold earlier this year to Triple Net Properties. The Woodlands still owns or holds interest in 10 buildings in the 27,000-acre community.