Energy Corridor Building to Fetch Record-High Price, Market briefs

In Houston, A new office building in Houston’s Energy Corridor is slated to sell for a record-high price, despite the recent collapse in oil prices and the energy industry layoffs that followed. The 549,000-square-foot Energy Center 3 tower, fully leased to ConocoPhillips, has been placed on the market with expectations that it will fetch a sales price of $270 million or $492 per sq ft. That would represent the highest per-square-foot price ever paid for a Houston building outside of downtown, as stated by the Real Estate Alert newsletter. In Cbre is marketing the new 20, story building, developed by Trammell Crow with Principal Real Estate Investors. If Energy Center 3 trades at a strong price, it could represent an endorsement of buildings occupied by major oil companies and renewed investor faith in Houston, said Real Estate Alert, a national publication catering to investors. ConocoPhillips signed a 12-year, $210.9 million lease for the Energy Center 3 building, located near the intersection of North Eldridge Parkway and Interstate 10.