Investors - OCTOBER 14, 2015

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Houston office to sell for $275m

by Andrea Waitrovich

Energy corporation ConocoPhillips is under contract to acquire a 549,000-square-foot office tower in Houston for approximately $275 million, or $501 per square foot. The sellers are Trammel Crow Co. and Principal Real Estate Investors. An official statement has not been released.

The sellers developed the 20-story tower, Energy Center 3, in 2014, and it will serve as ConocoPhillips’ headquarters.  

The building is part of the developers' 18.9-acre Energy Corridor campus. Energy Center 3 and Energy Center 4 will be fully occupied to the energy corporation, which will occupy 1.2 million square feet across the two buildings.

The Houston Business Journal reported the completed sale would be the highest price-per-square-foot sale of a Houston building outside of the city’s downtown.


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