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Sold: A New 378,000-SF Office Project in North Houston

HP Plaza has been sold.

HOUSTON – (Realty News Report) – Northridge Capital LLC has acquired the new HP Plaza, a 378,000-SF office development in CityPlace in SpringwoodsVillage north of Houston.

Completed in November of 2018, HP Plaza was developed by Houston-based Patrinely Group for HP Inc., which occupies 100 percent of the space in a long-term lease.

“HP Inc. was the largest office lease inked for 2016 in Houston,” said Robert Fields, President and CEO of Patrinely Group. “This transaction reinforces the strength of this new urban center in north Houston.”

The seller of the office properties was a joint venture of Patrinely Group, USAA Real Estate, and CDC Houston.

Located in northernmost Harris County at 10300 and 10400 Energy Drive in Spring, the property includes two buildings, comprising of 233,516 SF on floors one through four of Building One and 144,886 SF on floors one through five of Building Two, totaling 378,401 SF. The newly constructed property is designed for sustainability and offers efficient, rectangular floor plates, structured parking, and modern interior finishes with exposed ceilings and “office of the future” open workspaces.

The property has a variety of workspaces and onsite amenities such as a full-service café and fitness center, and is designed to enhance employee productivity and creativity. Powered by 100% renewable energy, the site is on track to earn LEED certification.

Jeff Hollinden and Trent Agnew of HFF represented the seller.

CityPlace is a 60-acre mixed-use development along the Grand Parkway corridor near the 3 million SF Exxon Mobil campus.

When fully developed, the project will include the recently opened, full-service Houston CityPlace Marriott, up to 8 million SF of Class A office space with 500,000 SF of integrated retail space and multifamily.

 CityPlace is the commercial urban center of Springwoods Village, a 2,000-acre master planned community, and home to four major corporations including HP Inc., Southwestern Energy, American Bureau of Shipping (ABS) and the future home of Hewlett Packard Enterprise.

April 11, 2019 Realty News Report Copyright 2019

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