NEW LANDLORD
Northridge Capital purchases HP campus in Springwoods Village in joint venture.
HP, which recently moved into its new Springwoods Village office campus in Spring, has a new landlord.
Northridge Capital, an independent real estate asset management firm based in Washington, D.C., has made its first purchase in the Houston region with the acquisition of HP Plaza in CityPlace. The property was purchased from a joint venture of Patrinely Group, USAA Real Estate and CDC Houston.
Houston-based Patrinely developed the 378,401-squarefoot campus for HP, which occupies two buildings under a longterm lease. The project was completed in November for the company, which separated from Hewlett Packard Enterprise in 2015 to focus on printers, PCs and mobile devices.
“HP Inc. was the largest office lease inked for 2016 in Houston,” said Robert Fields, Patrinely’s president and chief executive. “This transaction reinforces the strength of this new urban center in north Houston.”
The Patrinely-USAA-CDC partnership is set to break ground on a 568,000-squarefoot, two-building campus for Hewlett Packard Enterprise in the fourth quarter.
Two other projects are on target to open in June: CityPlace I, a 150,000-square-foot multitenant office building with retail on the ground floor, and 1401 Lake Plaza Drive, a 100,000square-foot project with 25,000 square feet each of office and retail space and a 50,000square-foot Star Cinema Grill.
The HP Plaza deal marks the first sale by the joint venture.
“Our plan is to on a case-bycase basis evaluate those opportunities as those investments mature,” Fields said.
Springwoods Village, developed by CDC Houston near Interstate 45 North and the Grand Parkway, is just south of The Woodlands. HP’s campus, at 10300 and 10400 Energy Drive in Spring, includes a four-story building of 233,516 square feet and a 144,886-square-foot, fivestory building. The property has modern interior finishes with exposed ceilings, a full-service café, an on-site fitness center and a variety of workspaces designed with health and wellness in mind.
Jeff Hollinden and Trent Agnew of HFF marketed the property for the seller.
David Etemadi, vice president of acquisitions at Northridge Capital, said HP’s long-term lease, the design of the buildings, accessibility to Bush Intercontinental Airport and the location in the 60-acre CityPlace district factored into the purchase.
“We think Springwoods Village is in its infancy right now,” Etemadi said. “CityPlace Springwoods Village is going to be pretty exciting and a true worklive-play environment.”
CityPlace is home to Southwestern Energy, American Bureau of Shipping, Houston CityPlace Marriott hotel and luxury apartments. The district south of Exxon Mobil’s campus is designed for up to 8 million square feet of office space with 500,000 square feet of integrated retail space.
“We have very robust plans for retail and lifestyle amenities that have really resonated with these corporate tenants,” Fields said.
Northridge Capital has invested in 52 assets on behalf of investors, with a combined acquisition value of $1.26 billion, since 1997. It acquires, manages and sells real estate assets on behalf of international high net-worth individuals and institutions.
“We’re definitely looking for more to acquire in the Southwest,” Etemadi said. “Houston is very high on our radar.”