Exxon sells chemical HQ land for $1B mixed-use projectExxon sells chemical HQ land for $1B mixed-use projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=51582014-01-27T16:25:00Z2014-01-27T15:30:00Z

HOUSTON - Exxon Mobil Corp. sold 35 acres in Houston’s Energy Corridor to Atlas USA Holdings LLC. Atlas, with PM Realty Group, plans to spend $1 billion over ten years to create a mixed-used development with office, hotel, retail and multifamily components, similar to CityCentre.

The acreage houses Exxon’s headquarters for its chemicals division. The 332,000-sf building will likely be demolished but a conference center, however, will be salvaged and incorporated into the new project.

The site has 1,000 feet of frontage on I-10 and 800 feet of frontage on Memorial Dr., and borders Terry Hershey Park — a 500-acre public park which connects neighborhoods and businesses with 11 miles of wooded green space.

The Energy Corridor is one of the fastest-growing submarkets in Houston, and the land was one of the last large parcels available. The Katy Freeway submarket reached a historically low vacancy rate of 3.2 percent in fourth quarter 2013, according to CBRE Group.

Read more at the Houston Business Journal.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/print-edition/2014/01/24/exxon-sells-chemical-hq-for-1b.htmlRead more at {Source}

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