Patrinely JV sold Houston Area HP Campus
The 378,402-square-foot HP Campus was sold by a joint venture.
A joint venture of Patrinely Group, USAA Real Estate and CDC Houston has sold HP Plaza in Spring, Texas. Northridge Capital which is the new owner, took out a $121 million loan from Lincoln Financial Group to finance the acquisition.
Patrinely Group developed the property for HP Inc. in 2018, that occupies the asset under a long term lease signed in 2017. The asset is located at 10300 and 10400 Energy Drive. The two-building property is within CityPlace, a 60-acre mixed-use project in Springwoods Village, a master-planned community spanning across 2,000 acres.
Building One encompasses 233,516 square feet while Building Two totals 144,886 square feet. HP Plaza is adjacent to Interstate 45 and less than 26 miles from downtown Houston.
HP Campus features a variety of workspaces and includes common-area amenities such as a café and a fitness center. Powered by renewable energy, the property is designed to achieve LEED certification.
Robert Fields, president & CEO of Patrinely Group, said in statement, “HP Inc. was the largest office lease inked for 2016 in Houston. This transaction reinforces the strength of this new urban center in north Houston.”
Source: CP Executive