HOUSTON – Exxon Mobil, which is moving thousands of employees to its new campus near The Woodlands, has sold its Eight Greenspoint building in north Houston.
The Greenspoint area, which includes the Greenspoint Mall near the intersection Interstate 45 and Beltway 8, has been identified as one of the submarkets that could be hard-hit by Exxon Mobil’s relocation to its new facilities. Greenspoint promoters point to the area’s close proximity to Bush Airport and say Houston’s high-demand for office space will keep Greenspoint occupancy at a strong level.
The buyers of the Eight Greenspoint -a joint venture between Stream Realty Partners and New York-based AllianceBernstein U.S. Real Estate Partners L.P. – said this in a news release: “The opportunity to take a position in the nicest asset in Greenspoint, one of the most strategic locations in Greater Houston, is compelling. Additionally, the in-place credit tenancy and extensive history of positive fundamentals in the immediate market make a great case for the mid- to long-term upside in this project.”
The JLL team representing the seller was led by Managing Director Rudy Hubbard and Vice President Kevin McConn along with Executive Vice President – International Director Ronnie Deyo. Managing Director Paul House and Vice President John Ream arranged financing on behalf of the buyer.
“Eight Greenspoint Plaza is a 198,257-square-foot Class A office building located in the heart of the Greenspoint District and offered investors a unique leaseback opportunity with the world’s largest publicly traded oil company in ExxonMobil,” said Hubbard.
Exxon Mobil employees have already begun moving into the new 385-acre campus, which will have 20 buildings with 3 million square feet of space.