HOUSTON – (Realty News Report) – An entity affiliated with McNair Interests has acquired a prime 25-acre parcel of vacant land in the Westchase District, a site long regarded as a strong candidate for a corporate campus.
The McNair family is well known locally as the owners of the NFL’s Houston Texans.
The Westchase property, one of the largest undeveloped tracts in urban West Houston, is located at 400 West Sam Houston Parkway South at Deerwood Road and boasts 715 feet of frontage on Beltway 8.
The seller was Cameron International, which was represented by Justin Tunnell of Lee & Associates – Houston. Cameron acquired the land about seven years ago but never moved forward with development, leaving the grassy field untouched.
Cameron is now part of Schlumberger, the world’s largest oilfield services company, which announced earlier this month plans to eliminate 21,000 jobs. Those job cuts add pressure to Houston’s commercial real estate market.
Given current market conditions, developing a new corporate campus for a Houston energy company appears unlikely for the foreseeable future. In the second quarter, CBRE reported more than 1.1 million square feet of negative absorption in Houston office space.
McNair Interests, represented by Dick Glass of CRC Real Estate, has not disclosed plans for the tract. Still, the acquisition suggests the McNair organization recognized a strategic opportunity and may have secured a well-located parcel at an attractive price.
In the Uptown Galleria area, McNair also owns another significant, currently undeveloped site: a six-acre parcel at the northwest corner of Richmond Avenue and Post Oak Boulevard. That property had been promoted as a bold southern gateway to the Uptown District. Announced in a June 4, 2018 press release, the project — originally expected to break ground in 2019 with completion targeted for 2023 — was described as a “transformative mixed-use project in Houston’s Uptown District.” Skidmore, Owings & Merrill designed plans featuring a major office tower, an upscale 150-room Rosewood Hotel with 80 residential units, a multifamily tower, high-end retail and green space. To date, no vertical construction has taken place on the Post Oak site.
July 30, 2020 Realty News Report. Copyright 2020.
Photo: Ralph Bivins. Copyright 2020.
File: McNair Buys Prime Westchase Tract — NFL-Related McNair Buys Westchase Tract
