HOUSTON – A large group of buildings that were once part of the Compaq Computer headquarters campus in northwest Houston have been sold.
In the 1990s, Compaq was the world’s largest supplier of personal computers, before it was surpassed by Dell in 2001. Compaq was sold to Hewlett Packard in 2002 for $25 billion and its excess office space was sold off.
In a deal announced this week, a large portion of the Compaq real estate remnant was sold – Centre at Cypress Creek, a four-building office and industrial complex totaling 465,716 sf.
HFF had marketed the properties on behalf of Principal Real Estate Investors. SG Cypress Real Estate Ventures purchased the four buildings for an undisclosed amount, free and clear of existing debt. Coventry Investment Group, Inc. and Coventry Realty Advisors acted as consultant to SG on the transaction.
Centre at Cypress Creek is comprised of three office buildings totaling 220,622 sf located on State Highway 249, and a 245,094-sf flex industrial/office property at 11777 Compaq Center Drive. The office space is 93.6 percent leased to tenants including Gexa Energy, FoxConn, Intel Americas, and Noble Energy and the industrial space is fully occupied by FoxConn. Building amenities include three parking garages, a cafeteria, auditorium, jogging trails and picnic areas.
The Centre at Cypress Creek is located within the former HP Compaq Computer Campus, a 300-acre office park fronting Highway 249 in northwest Houston.
The HFF investment sales team representing the seller was led by senior managing directors Rusty Tamlyn and Jeff Hollinden.
Principal Real Estate Investors manages or advises $48.7 billion in commercial real estate assets.
Coventry is a full service real estate company with expertise in the acquisition and operation of Class A and B office buildings for pension funds, institutional investors and private equity sources. Over the course of 30 years, Coventry has owned and operated, or developed, 22 buildings and more than 4.5 million sf of office space, primarily in Texas.