{"id":1004768503,"date":"2025-08-14T04:33:47","date_gmt":"2025-08-14T12:33:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004768503"},"modified":"2025-08-14T04:33:49","modified_gmt":"2025-08-14T12:33:49","slug":"metronational-buys-houston-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metronational-buys-houston-tower\/","title":{"rendered":"MetroNational Buys Houston Tower"},"content":{"rendered":"
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\"Exterior<\/a>
MetroNational\u2019s purchase of the former Marathon Oil headquarters at 990 Town and Country Blvd. in Houston marked its largest acquisition in a decade. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

MetroNational has acquired the former Marathon Oil headquarters in Houston, the buyer announced Wednesday. The 15-story, 442,000-square-foot Class A office tower in the CityCentre district reportedly is MetroNational\u2019s largest acquisition in a decade.<\/p>\n\n\n\n

A MetroNational spokesperson confirmed to Commercial Property Executive<\/em> that the company is not disclosing the purchase price.<\/p>\n\n\n\n

The building\u2019s seller was ConocoPhillips, which is also based in Houston and which acquired and absorbed Marathon Oil in November 2024.<\/p>\n\n\n\n

990 Town and Country was completed in 2022, on a 3.4-acre site and was designed by Houston-based architects Munoz + Albin. It features an amenities floor with a conference center with breakout rooms, a grab-and-go cafe, outdoor dining spaces, a resort-style courtyard, lounge and rooftop terrace.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Office Tenants Closer to Getting Hybrid Right<\/a><\/p>\n\n\n\n

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In a company statement, MetroNational President Scooter Hicks noted that the building\u2019s near-total vacancy provides \u201ca unique value-add opportunity.\u201d<\/p>\n\n\n\n

The building\u2019s location, at 990 Town and Country Blvd., at the I-10 and Beltway 8 intersection, puts it in the Katy Freeway East submarket, adjacent to CityCentre and less than a mile from Memorial City. The latter is a 300-acre, mixed-use development, entirely owned and managed by MetroNational, that encompasses more than 10 million square feet of Class A office, multiple retail centers<\/a> including Memorial City Mall, more than 1,700 multifamily units, two upscale hotels (Hotel ZaZa Memorial City and The Westin Memorial City) and Memorial Hermann Memorial City Medical Center.<\/p>\n\n\n\n

MetroNational represented itself in the acquisition. JLL\u2019s Brandon Clarke, Kevin McConn, Rick Goings, Sanford Criner and Jeff Cairns represented ConocoPhillips.<\/p>\n\n\n\n

Houston’s office market sees gradual improvements<\/h2>\n\n\n\n

Houston\u2019s office market turned around noticeably in the second quarter, racking up 213,912 square feet of positive net absorption, though year-to-date absorption is still a negative 74,178 square feet, according to a recent report from JLL. Sizable moves by Chevron Phillips Chemical and Blue Cross Blue Shield helped to animate the sector.<\/p>\n\n\n

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\"Outdoor<\/a>
Outdoor terrace at the 990 Town and Country Blvd. tower in Houston. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

Overall, vacancy ended the second quarter at 26.2 percent, which was down 90 basis points year-over-year. In the flight to quality seen in so many markets, however, newer Class A office properties (those completed since 2015) saw a record-low vacancy of 11.1 percent.<\/p>\n\n\n\n

Further good news is that five office buildings now underway across four submarkets are 83 percent preleased, also according to JLL.<\/p>\n","protected":false},"excerpt":{"rendered":"

The former Marathon Oil headquarters marks the company\u2019s largest acquisition in a decade.<\/p>\n","protected":false},"author":882,"featured_media":1004768532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21783,21742,21747,51973],"tags":[44750,32796,50572,52655],"class_list":["post-1004768503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-investment","category-latest","category-office","category-southwest","tag-conocophillips","tag-jll","tag-marathon-oil-tower","tag-metronational"],"acf":[],"yoast_head":"\nMetroNational Buys Houston Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MetroNational has acquired the former Marathon Oil headquarters in Houston. 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