Republic Square, an Energy Corridor redevelopment of the former Exxon Chemical campus, is being leased by NAI Partners.
HOUSTON – (Realty News Report) – Third Palm Capital has retained NAI Partners to lease Republic Square, a major Energy Corridor property adjacent to Terry Hershey Park, which was hit hard during Hurricane Harvey in 2017.
The three-story, 324,000-SF office building has exceptionally large floor plates on a huge tract that stretches from Interstate 10 to Memorial Drive.
The 35-acre property was once the campus of Exxon Mobil Chemical Co., which sold it to Third Palm Capital in late 2013. Exxon Mobil leased back the space from Third Palm until April 2015 as it relocated to the new 3 million SF Exxon Mobil campus in north Houston.
Third Palm was creating a significant plan for Republic Square, envisioned as a major mixed-use project with additional office space, retail, multifamily and hotel development. At that time, the Energy Corridor had Class A office occupancy well over 95 percent and was known as one of the strongest – if not the strongest – office submarkets in the nation. But a dramatic drop in oil prices took a toll on the Energy Corridor office occupancy starting around 2015 and vacancy skyrocketed. However, the Energy Corridor has mounted an impressive rebound in recent months with as several large leases have been signed by McDermott International and other companies.
The Republic Square office building is located at 13501 Katy Freeway, west of Eldridge Parkway near the BP campus. The hurricane, which made landfall in August 2017, impacted the area following days of heavy rainfall and the US Corps of Engineers unprecedented release of water from Addicks Reservoir.
Third Palm has recently completed a major renovation of the building and upgraded with state-of-the-art building systems.
NAI Partners office project leasing team of Randy Nerren, Jacob Aldridge, and Zach Leger will be heading up the marketing and leasing for Republic Square and assisting in in the planning of the corporate campus facility.
“Republic Square is truly a fantastic site that caters to both small and large office users and can accommodate significant upside growth over time. We are truly excited to be involved in this unique corporate campus opportunity and look forward to seeing the site develop to its full potential,” said Nerren, Senior Vice President – Office Project Leasing with NAI Partners’ Landlord Services Division.
Third Palm Capital, a national real estate investment and development firm that owns, operates, and develops diversified properties has over $1 billion in assets including active investments in New York, California, Florida, South Carolina and Texas. Third Palm is in the process of planning for the long-term, future development of Republic Square, according to a NAI press release.
Feb. 28, 2019 Realty News Report Copyright 2019