Halliburton’s 49-Acre Westchase Campus Headed to Auction
Halliburton campus will be sold in an auction.
HOUSTON – Halliburton Co., one of the world’s largest oilfield service companies, has retained an auction firm to sell its 49-acre Oak Park campus in the Westchase District of west Houston.
The public auction, managed by Williams & Williams, is scheduled for April 27 at 1:00 p.m.
Located at 10200 Bellaire Boulevard near the Sam Houston Tollway, the Halliburton campus sits on 49 acres and includes a vacant 568,458-square-foot office building, a 17,500-square-foot fitness center, an on-site daycare, a central plant and a five-level parking garage. The primary office structure was completed in 1979.
Williams & Williams is conducting the sale in cooperation with JLL. JLL representatives Rudy Hubbard and Kevin McConn were originally retained in late 2016 to market the property, but the Houston office market subsequently weakened as oilfield employers reduced headcount and large blocks of sublease space entered the market.
Halliburton reduced its workforce by thousands amid a downturn in drilling activity and a steep decline in crude prices a few years ago that drove oil below $30 per barrel. Since then, oil has rebounded and recently traded above $60 per barrel.
When JLL first listed the campus, brokers highlighted its redevelopment potential for users and developers. At that time some industry observers estimated the site might command as much as $30 million, though that expectation may now be optimistic given shifts in the market and the asset’s vacancy.
About a year ago, a Chinese development firm reportedly negotiated to acquire the Oak Park campus for a mixed-use redevelopment that would have included retail components, but those talks did not produce a sale.
The auction will be open to the public. Bids can be placed in person or online through AuctionNetwork.com, a partner platform of Williams & Williams. Scheduled public inspections will take place from 11:00 a.m. to 2:00 p.m. on Friday, March 23 and 30, and on April 13 and 20. The high bidder must provide a non-refundable 10 percent deposit immediately following the auction.
Separately, an additional 3.3-acre development parcel near Beltway 8 will be offered in a different auction.
Fontana Fitzwilson, Executive Vice President of Williams & Williams, described both Oak Park properties as solid opportunities for expansion or redevelopment. “Assembling 48.9 contiguous acres for redevelopment would be a challenge,” she said. “Conversely, there’s room to grow here. The original plan contemplated a midrise office tower on the southwest corner of the property. For buyers seeking a parcel of this size, several development options exist.”
