Jeff Cutler, director of global services with CB Richard Ellis in Lansing, MI, says Dow's decision to sell its 24-acre campus at 400 W. Sam Houston Pkwy. South was due to the asset's age. It was developed in the late 1970s. "The building faced major renovations so Dow opted to sell and decided to go into a new building," Cutler tells GlobeSt.com.
The campus' sale price was not available by press time. Harris Central Appraisal District assesses it at $20.2 million.
Dow's new digs at 1254 Enclave Pkwy., situated seven miles west of the its existing campus, will end up with close to 1,000 employees, which is slated to include the staff in Memorial Plaza at 820 Gessner Rd. Cutler says the search for new office space went as far south as Sugar Land and west of the Energy Corridor.
Dow decided on the Enclave because "it was a good location, relative to the current employee base and that offered a class A environment with amenities, balanced with value," Cutler says. "Ultimately, they were pleased where they ended up."
The under-construction 343,521-sf Plaza at Enclave will deliver in August. Dow plans to move its operations into the new office space in September. Class A office space in the Energy Corridor averages $24.75 per sf, according to local market reports.
Cutler partnered with CBRE executive vice president Craig Beyer in Houston to represent Dow. CBRE senior vice president Bonnie Kelley and senior associate Cody Armbrister, also in Houston, represented locally based CORE Real Estate and its financial partner, BayNorth Capital LLC of Boston, for the Enclave lease.
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