HOUSTON – A new office building in Houston’s Energy Corridor is expected to sell for a record-high price, despite the recent collapse in oil prices and the energy industry layoffs that followed.
The 549,000-square-foot Energy Center 3 tower, fully leased to ConocoPhillips, has been placed on the market with expectations that it will fetch a sales price of $270 million or $492 per square foot. That would represent the highest per-square-foot price ever paid for a Houston building outside of downtown, according to the Real Estate Alert newsletter.
CBRE is marketing the new 20-story building, developed by Trammell Crow with Principal Real Estate Investors.
If Energy Center 3 trades at a strong price, it could represent an endorsement of buildings occupied by major oil companies and renewed investor faith in Houston, said Real Estate Alert, a national publication catering to investors.
ConocoPhillips signed a 12-year, $210.9 million lease for the Energy Center 3 building, located near the intersection of North Eldridge Parkway and Interstate 10.