HOUSTON—The 1.3-million-square-foot West Houston Campus in the Energy Corridor was designed and built by ConocoPhillips in 1984. It was sold to Occidental Petroleum in 2019 before The Howard Hughes Corporation purchased it later in the year in a $565 million portfolio buy.
Today, the campus is being marketed by CBRE in collaboration with Howard Hughes. The main reason the firm is selling the asset is because the West Houston campus is not in its core asset class of master-planned communities. And, Howard Hughes is on a cost reduction program and the campus is not part of its corporate mandate, GlobeSt.com learns in this exclusive.
"The campus was state of the art when it was built and the bones are extremely good," Paul Layne, CEO of The Howard Hughes Corporation, tells GlobeSt.com. "The efficient and sustainable Japanese floating village design of 1.3 million square feet would work wonderfully as a corporate campus of any type, for a company that's looking for a deal of a lifetime. This presents an opportunity for companies from high-tax states to come to Houston's I-10/Energy Corridor and utilize the existing facility or improve it. The entire 1.3 million square feet is ready to be built out to what a tenant would want in a customized way."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
