Halliburton Site Seeks Higher and Better Use
The campus is located at 10200 Bellaire Blvd. in the Westchase District, just west of the intersection of Bellaire Boulevard and Sam Houston Tollway, and was built in 1979 with upgrades occurring in 2013.
HOUSTON—No plans have been announced thus far for Halliburton’s former Oak Park campus, a 48-acre corporate campus in west Houston. The property was first put on the market back in late 2016 as a part of cost-management efforts.
Williams & Williams held an auction for the property on April 27, 2018. A local private investment group recently purchased the property for an undisclosed purchase price.
JLL Capital Markets, in conjunction with Williams & Williams, completed the transaction. Rudy Hubbard, Kevin McConn, Rick Goings and Dan Bellow led the JLL team on the sale.
“These types of excess plays, in which large corporate users dispose of real estate they no longer need, are challenging but exciting transactions to complete,” McConn tells GlobeSt.com. “Trades like these generally have a net positive effect on the market as space is repositioned or repurposed for a higher and better use.”
The property is located at 10200 Bellaire Blvd. in Houston’s Westchase District, just west of the intersection of Bellaire Boulevard and Sam Houston Tollway. It currently includes a 568,000-square-foot office building, a 17,500-square foot fitness facility, a daycare center, central plant and five-level parking garage. The building was built in 1979, but cosmetic, mechanical and electrical upgrades have been made since 2013.
“Given its prominent location and size, this site has high potential for any number of uses,” said Rudy Hubbard, JLL managing director. “However this property is purposed, we look forward to seeing it fully utilized to the benefit of the market and new ownership alike.”
According to JLL research, Houston’s total office sales volume in 2018 has been approximately $600 million. Although there are signs of improving market conditions ahead as seen by flattening concession packages and strong performance in some areas in the first quarter, the Houston office market has a long way to go before it returns to a balanced market.