Sold: New 378,000-SF Office Development Shakes Up North Houston Market
HP Plaza has been sold.
HOUSTON – Northridge Capital LLC has acquired HP Plaza, a newly built 378,000-square-foot office campus located in CityPlace within the Springwoods Village development north of Houston.
Completed in November 2018, HP Plaza was developed by Houston-based Patrinely Group for HP Inc., which occupies the entire property under a long-term lease.
“HP Inc. was the largest office lease signed in Houston in 2016,” said Robert Fields, President and CEO of Patrinely Group. “This transaction underscores the appeal and momentum of this emerging urban center in north Houston.”
The seller was a joint venture that included Patrinely Group, USAA Real Estate, and CDC Houston.
Situated at 10300 and 10400 Energy Drive in the northernmost portion of Harris County, the campus consists of two buildings: Building One contains 233,516 square feet across floors one through four, and Building Two totals 144,886 square feet across floors one through five, for a combined 378,401 square feet. The new construction emphasizes sustainability and efficiency, featuring rectangular floor plates, structured parking, modern interior finishes with exposed ceilings, and open “office of the future” workspaces.
HP Plaza offers a variety of workspace types and on-site amenities designed to boost employee productivity and collaboration, including a full-service café and a fitness center. The development is powered by 100 percent renewable energy and is on track for LEED certification.
Jeff Hollinden and Trent Agnew of HFF represented the seller in the transaction.
CityPlace is a 60-acre mixed-use district along the Grand Parkway corridor, located near the 3 million-square-foot ExxonMobil campus.
When complete, the CityPlace master plan will include the recently opened full-service Houston CityPlace Marriott, up to 8 million square feet of Class A office space, approximately 500,000 square feet of integrated retail, and multifamily residential components.
CityPlace serves as the commercial urban core of Springwoods Village, a 2,000-acre master-planned community that is home to major corporate occupants including HP Inc., Southwestern Energy, the American Bureau of Shipping, and the future headquarters for Hewlett Packard Enterprise.
