Last vestige of Compaq ready to hit market
The last of the former Compaq Computer property is being sold, positioning the northwest Houston site for a new tenant or perhaps a full-scale redevelopment.
Property broker JLL is marketing the 74-acre tract for Hewlett Packard Enterprise, a company that spun off from Palo Alto, Calif.-based HP Inc. in 2015. HP’s predecessor, Hewlett-Packard, purchased Houston’s Compaq in 2002, taking over the campus and downsizing over the years.
Located near Cypress Creek in northwest Houston, the campus flooded during Hurricane Harvey and was “irreparably damaged,” the company said late last year.
HPE said it would move its manufacturing operations and 290 related jobs to sites in either Chippewa Falls, Wis., or Austin, and that more than 3,000 nonmanufacturing workers would relocate to a yet unidentified new campus “in the Houston area.”
The company plans to lease the facility back until moving into new space.
Separately, HP Inc. has been planning a move of about 2,400 employees into a two-building, 378,000-square-foot development being built in Springwoods Village, the master-planned community west of Interstate 45 near the Grand Parkway.
The buildings for sale are along Texas 249 at 11445 Compaq Center West Drive. They include 2 million square feet of office, manufacturing and laboratory space.
“The site is situated in a desirable and fast-growing area with strong school districts, an established retail base and surrounding master-planned com- munities,” JLL said in a statement. Rudy Hubbard, Kevin McConn and Rick Goings of JLL have the listing.
The property has an estimated value of $55 million, or $28 per square foot, industry publication Real Estate Alert reported this week.
In 2009, another large piece of the HP campus was sold to Lone Star College System, which acquired eight buildings totaling 1.2 million square feet.
The technology company was divesting the property amid costcutting and consolidation.