Houston – A Canadian oilfield services company, undeterred by falling oil prices, has acquired 17 acres in the Tomball area of Houston where it will build a new manufacturing and R&D campus.
Packers Plus Energy Services is building a 50,000 square-foot research and development center, a 237,000 square-foot manufacturing building and a 40,000 square-foot office building in the Tomball Business and Technology Park near Hufsmith-Kohrville Road.
Tom Condon, Jr. of Colliers International represented the seller, the Tomball Economic Development Corp.
West Texas Intermediate crude is around $50 a barrel, about half of what it was last summer. Packers Plus .is using the lull in the energy industry to build now — moving ahead with construction while looking forward to the next cycle, Condon said.
“We were concerned late last year once the land sale terms had been negotiated that the then slumping O&G market would crater the deal, “ Condon said. “Turns out
that slowdown is not only making the Phase I development and construction more manageable, it will allow them to get moved in and be ready to take advantage of the anticipated upturn of that market next year.”
The $21 million new facility will replace and consolidate three Packers Plus buildings around town, including its U.S. corporate headquarters at 5825 N. Sam Houston Parkway West.
The site is located in Harris County at the southwest corner of Hufsmith-Kohrville and Spell Roads.
Brandi McDonald with Newmark Grubb Knight Frank represented Packers Plus. Jane Matthews with Stewart Title Tomball coordinated the closing.
The new facility in Tomball is anticipated to create 353 new full-time jobs within the City of Tomball, with 172 of the jobs being created in the first five years of operation.
Packers Plus is an international oil and gas service company and an innovator of multi-stage completion systems and provides solutions for challenging applications in horizontal, vertical, multi-lateral and high pressure/high temperature wells. The company is the innovator of StackFRAC, an open hole multi-stage ball drop completion system. Packers Plus has operations in the U.S., including its three locations in Houston being relocated, as well as areas outside North America including the Middle East, North Africa, Europe, Russia and Latin America.