HOUSTON – (Realty News Report) – After weathering Hurricane Harvey and completing two years of major renovations, Dart Interests is relaunching Republic Square, a reimagined campus in Houston’s Energy Corridor.
Located on 35 acres along Interstate 10, Republic Square once served as the headquarters for Exxon Chemical. The campus, at 13501 Katy Freeway with direct access to Terry Hershey Park, has been extensively redeveloped to meet current workplace needs while preserving notable architectural features.
Dart Interests, formerly Third Palm Capital, acquired the property nearly seven years ago as Exxon Mobil consolidated operations at a new campus in Springwoods Village. Third Palm paid more than $70 million for the site and initially proposed an ambitious mixed-use master plan featuring up to 2.6 million square feet of office space, 100,000 square feet of retail and restaurant space, two hotels and roughly 800 multifamily units. The collapse in oil prices that began after the 2014 OPEC meeting dramatically reshaped demand in the Energy Corridor, which previously enjoyed more than 95 percent office occupancy, leaving a surplus of space and prompting a strategic pivot for the campus.
Adapted for Today’s Office Market
The current redevelopment focuses on practical, market-responsive improvements rather than the original grand plan. At the heart of the campus is a four-story, 320,000-square-foot office building with integrated parking garages. Its long, low-rise layout and expansive floor plates suit today’s preferences for lower-density work environments and flexible circulation—attributes that have become more desirable in the post-COVID era.
“What makes Republic Square particularly appealing are its large floor plates that allow for ease of social distancing given multiple entry points, exceptionally wide hallways, ease of floor access without elevator reliance, as well as an expanse of functional outdoor areas ranging from interior courtyards to a shaded lakeside trail system,” said Randall Tuller, Senior Vice President for Dart Interests.
Last year, Dart retained NAI Partners to lease the property and provide on-site management. Despite pressure on Houston’s office market during the coronavirus pandemic, the campus has attracted new tenants including GATE Energy, Sparkhound and Samsung, reflecting increased interest in low-density leasing options with both short- and long-term terms.
Comprehensive Renovations and Amenities
Renovations have replaced and upgraded all major mechanical systems—HVAC, electrical and plumbing—while restrooms were rebuilt to the studs. The lake and trail systems were reconstructed, parking garages refurbished and sensor lighting added. Interior improvements include a fully renovated main lobby with distinctive lighting, upgrades to approximately 20,000 square feet of executive space, refreshed perimeter and courtyard landscaping, and new tenant amenities such as a conference center, training facility and a premium fitness center with spa-like locker rooms and showers.
Ongoing projects include a new branded wayfinding program developed by Houston-based creative firm Formation, and the build-out of second- and third-floor spec suites and collaborative work areas. The first floor has been optimized for smaller tenants, while the two upper floors can accommodate single tenants up to about 120,000 square feet.
Recent Leasing Activity
Samsung leased a 3,974-square-foot space, represented by Nichole Thalji of LUXE Executive Group. Digital consulting firm Sparkhound, which operates offices in Dallas, Baton Rouge and Birmingham in addition to Houston, is expected to move in around September, occupying 4,533 square feet; the company was represented by Noah Kruger with Savills. GATE Energy executed a 24,302-square-foot lease with a targeted November commencement and will relocate its Houston headquarters to the campus; Alex Taghi of NAI Partners represented GATE. Jacob Aldridge and Michael Sieger of NAI Partners represented Dart Interests in these transactions.
Planning and design for the redevelopment were led by Huitt-Zollars, with Basic Builders serving as general contractor. Dart says the decision to treat the property as a long-term campus asset and invest accordingly has paid off, as tenant interest has grown thanks to Republic Square’s low-density design, flexible leasing options, convenient access to major roadways and nearby commercial and residential areas, and its orientation toward a park-like natural setting just west of Eldridge Road.
Dart Interests currently holds more than $1 billion in assets across markets including New York, California, Florida, North Carolina, South Carolina, Washington, D.C. and Texas.
Sept. 9, 2020 Realty News Report. Copyright 2020.
File: Dart Relaunches Republic Square
File: Third Palm Capital, Exxon Chemical, Energy Corridor. Dart Relaunches Republic Square.
Caption: Campus has frontage on Interstate 10 and Memorial Drive.
