NAI Partners Chosen to Lease Major Energy Corridor Development by Third Palm
Republic Square, an Energy Corridor redevelopment of the former Exxon Chemical campus, is being leased by NAI Partners.
HOUSTON – Third Palm Capital has appointed NAI Partners to handle leasing for Republic Square, a prominent Energy Corridor property next to Terry Hershey Park that sustained significant damage during Hurricane Harvey in 2017.
The property features a three-story office building totaling 324,000 square feet with unusually large floor plates on a sprawling site that extends from Interstate 10 to Memorial Drive.
The 35-acre tract formerly served as the Exxon Mobil Chemical campus. Exxon Mobil sold the site to Third Palm Capital in late 2013 and leased the space back until April 2015 while transitioning to its new 3 million-square-foot campus in north Houston.
Third Palm originally envisioned Republic Square as a major mixed-use redevelopment including additional office space, retail, multifamily housing, and a hotel. At that time the Energy Corridor enjoyed Class A occupancy exceeding 95 percent and was considered one of the strongest office submarkets in the nation. Beginning around 2015, however, a steep decline in oil prices contributed to rising vacancies across the corridor. In recent months the submarket has shown a solid recovery, driven in part by several large leases, including commitments by McDermott International and other tenants.
Republic Square is located at 13501 Katy Freeway, west of Eldridge Parkway and close to the BP campus. The neighborhood was affected by the flooding that followed Hurricane Harvey’s landfall in August 2017, when days of heavy rainfall and the U.S. Army Corps of Engineers’ controlled releases from Addicks Reservoir caused widespread inundation.
Third Palm has completed a substantial renovation of the building and upgraded its systems to modern, state-of-the-art standards.
NAI Partners’ office project leasing team—Randy Nerren, Jacob Aldridge, and Zach Leger—will lead marketing and leasing efforts for Republic Square and support planning for the campus’ corporate facilities.
“Republic Square is an outstanding site that serves both small and large office users and offers meaningful upside as the campus evolves,” said Randy Nerren, Senior Vice President of Office Project Leasing in NAI Partners’ Landlord Services Division. “We are excited to participate in this unique corporate campus opportunity and to help realize the property’s full potential.”
Third Palm Capital is a national real estate investment and development firm that owns, operates, and develops diversified properties. With more than $1 billion in assets, the firm holds active investments across New York, California, Florida, South Carolina, and Texas. According to NAI Partners, Third Palm is continuing to plan for the long-term redevelopment and future growth of Republic Square.
