HOUSTON—Late last year, Hewlett Packard Enterprise announced plans to move out of its current Houston facility—the former Compaq campus—after flooding two years in a row. The campus is located at 11445 Compaq Center West Dr. in northwest Houston near Highway 249. The facility is next to Cypress Creek, and was impacted by the 2016 Tax Day floods and Hurricane Harvey.
The Palo Alto, CA-based company plans to build a new facility to keep most of its Houston operations in the area, but it will relocate its manufacturing operations to Austin, TX. Most HPE employees, including sales, business unit, supply chain, legal and human resources teams, will remain in the current location until a new Houston location has been identified and built, and HPE will lease back the facility until its new campus is complete, according to the firm.
This quarter, JLL will bring the occupied corporate campus to market on behalf of HPE. The offering represents an opportunity to gain control of a site with significant infrastructure, suitable for a corporate campus or mixed-use redevelopment.
The site encompasses roughly 2 million square feet of office, manufacturing and laboratory space across approximately 74 acres. The site is situated in a fast-growing area with strong school districts and an established retail base. Rudy Hubbard, Kevin McConn and Rick Goings of JLL's capital markets office investment sales team are handling the listing.
“We're seeing significant interest in Houston as the market shows signs of recovery and investors are priced out of peaking markets,” McConn tells GlobeSt.com. “For groups with an appetite for Houston-area development opportunities, this offering represents a rare opportunity to purchase a site of this size surrounded by several successful master-planned communities as well as popular amenities including the nearby Vintage Park.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
