Search
 

Former HP Campus Sells for Nearly $100M

HOUSTON-The 487,591-sf complex sells for a second time in one year. Macfarlan and Buchanan Street Plan to retool the asset into 630,000 sf of class A office.

By John McCloud | Updated on July 30, 2007

HOUSTON-A four-building office and manufacturing complex that served as corporate headquarters for Compaq Computer Corp. before it was acquired by Hewlett-Packard Corp. has sold for the second time in a year. A joint venture of Dallas-based Macfarlan Capital Partners and Buchanan Street Partners of Newport Beach, CA has picked up the 44.5-acre property for a price estimated at more than $100 million.

The complex, being renamed to the Centre at Cypress Creek, includes three office buildings totaling 487,591 sf and a manufacturing building at 20445-475 Compaq Center Dr. According to Macfarlan partner John Jenkins, the buyers plan to convert the manufacturing building to office space. When completed, the entire complex will have about 630,000 sf of offices.

“We are buying it to reposition it and bring it back in its original class A setting,” Jenkins tells GlobeSt.com. “It’s an infill setting that has not been available to the market for 20 years. Northwest Houston has just taken off. Demand for office space is extremely strong.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.