{"id":1004168915,"date":"2017-03-10T04:34:13","date_gmt":"2017-03-10T12:34:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004168915"},"modified":"2022-12-08T20:26:41","modified_gmt":"2022-12-09T04:26:41","slug":"transwestern-spear-street-buy-exxonmobil-campus-in-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/transwestern-spear-street-buy-exxonmobil-campus-in-houston\/","title":{"rendered":"Transwestern, Spear Street Buy ExxonMobil Campus in Houston"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004168916\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004168916\" data-attachment-id=\"1004168916\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/transwestern-spear-street-buy-exxonmobil-campus-in-houston\/3120-buffalo-speedway-in-houston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3120 Buffalo Speedway in Houston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;3120 Buffalo Speedway in Houston&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png?w=640\" loading=\"lazy\" class=\"size-medium wp-image-1004168916\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png\" alt=\"3120 Buffalo Speedway in Houston\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/3120-Buffalo-Speedway-in-Houston-e1489144879886.png?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004168916\" class=\"wp-caption-text\">3120 Buffalo Speedway in Houston<\/p><\/div>\n<p><strong>Houston<\/strong>\u2014Transwestern Development Co. just grabbed an opportunity to build a new 24\/7 destination in Houston. In partnership with Spear Street Capital, Transwestern acquired the nearly 16.9-acre site at 3120 Buffalo Speedway, ExxonMobil\u2019s former Upstream Research Campus. Transwestern is keeping mum on the amount it paid ExxonMobil for the multi-structure property, which, according Harris County records, has a 2016 appraised value of approximately $62.1 million.<\/p>\n<p>Located in the Greenway submarket, the complex first popped up on the real estate market\u2019s radar in 2014, when ExxonMobil tapped commercial real estate services firm JLL to sell the asset as the company prepared to <a href=\"https:\/\/www.commercialsearch.com\/news\/exxonmobil-moves-forward-with-new-digs\/\" target=\"_blank\" rel=\"noopener\"><u>develop a new campus<\/u><\/a> 25 miles from downtown Houston. \u201cThis is one of the largest and most desirable in-fill tracts remaining in all of Houston,\u201d Rudy Hubbard, managing director with JLL, said in a prepared statement upon announcing the assignment. \u201cThis premier site is ideal for a mixed-use redevelopment that includes office, retail, residential and hospitality components.\u201d<\/p>\n<p>According to the original marketing material, the campus, first occupied by ExxonMobil in the 1950s, also encompassed a 100,000-square-foot training center, 13 auxiliary buildings and a parking facility. A Transwestern spokesperson told <em>Commercial Property Executive<\/em> that a 550,000-square-foot office building remains on the site.<\/p>\n<p>Transwestern isn\u2019t divulging details on any development plans for 3120 Buffalo. However, what Hubbard noted of the property\u2019s potential in 2014, rings true of the climate in Houston today. \u201cUnique, mixed-use concepts are faring well all over the Houston market as residents continue to seek a live-work-play environment,\u201d according to a fourth quarter 2016 report by Transwestern. \u201c[They] are still a hot ticket item for developers, as the urban sprawl across the Houston metro continues.\u201d<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Located in the Greenway area, the 16.9-acre site first hit the market in 2014.<\/p>\n","protected":false},"author":969,"featured_media":1004168916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21752,21742,21747],"tags":[34378,34379,33392,33313],"class_list":["post-1004168915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-mixed-use","category-latest","category-office","tag-exxonmobil","tag-harris-county","tag-spear-street-capital","tag-transwestern"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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