HOUSTON-PM Realty Group has purchased 35 acres in the Energy Corridor here that includes the Exxon Chemical headquarters.
The Houston-based company plans to redevelop the property into a $1-billion mixed-use development that will include retail, residential, restaurants, a hotel, and potentially a number of office towers, according to the Houston Chronicle.
No financial details of the transaction were released. PM Realty Group's financial partner on the project is Atlas U.S. A, Holdings. Exxon Mobil reportedly put its headquarters space on the market last year. The low-rise, 332,000- square-foot office building now occupied by ExxonMobil Chemical will likely will be torn down, but a smaller conference center on site is expected to be retained that will be later incorporated into a new hotel at the property. The project is envisioned to be similar to CityCentre, a mixed-use development on 37 acres at I-10 and the Beltway, and The Woodlands Town Center north of Houston.
"It will have a strong sense of place," says Dan Leverett, executive vice president and managing director of development for PM Realty. See story in the Houston Chronicle.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
