HOUSTON – One of the finest infill development sites in Houston – an Exxon Mobil research campus between the Galleria and downtown – is going on the market.
The Real Estate Alert newsletter said the parcel – almost 17 acres along Buffalo Speedway – could bring as much as $200 million, a phenomenal price that would set a new standard for Texas land values.
“This is one of the largest and most desirable in-fill tracts remaining in all of Houston,” said Rudy Hubbard of JLL, which has been retained to market the site. “This premier site is ideal for a mixed-use redevelopment that includes office, retail, residential and hospitality components.”
Located at 3120 Buffalo Speedway at West Alabama Street, the ExxonMobil Upstream Research Company headquarters is situated on 16.8 acres. It’s just south of River Oaks and north of Greenway Plaza. The facility features a six-story, 450,000-square-foot, single-tenant office building; a 100,000-square-foot training center; 13 auxiliary buildings and a large parking structure.
The site has a significant amount of green space, lawns and large oaks. The buyer will demolish the buildings and develop high-rise office and residential towers, primarily. But some retail could be included.
Exxon Mobil is relocating to a new 385-acre, 3 million square foot campus just south of The Woodlands. Exxon Mobil has sold off several prime properties and leased them back until the new campus is complete next year. Some of first of 10,000 employees have already moved to the campus.
JLL has been selected to market the last two Exxon Mobil facilities in the Houston area the Buffalo Speedway facility, and the ExxonMobil Brookhollow facility located at 4400 – 4550 Dacoma Street along Highway 290, northwest of the 290 and 610 intersection.
The ExxonMobil Brookhollow facility is situated on 24.4 acres located north of the Galleria. The facility includes three office buildings totalling 500,000 square feet, a full-service cafeteria and 60,000 square feet of storage and auxiliary buildings. Real Estate Alert placed approximate value at $40 million.
JLL’s Executive Vice President Ronnie Deyo, Houston Market President Dan Bellow, Managing Directors Rudy Hubbard and Paul House, and Vice Presidents Kevin McConn and Beau Bellow will lead the marketing efforts on behalf of Exxon Mobil. JLL has handled a number of Exxon Mobil real estate assignments.