Index Investing News
Tuesday, May 13, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Midway to Transform 1.3 MSF Houston Office Campus – Commercial Property Executive

by Index Investing News
October 26, 2022
in Property
Reading Time: 3 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


Watermark District at WoodCreek. Image courtesy of Midway

Midway, owner of the onetime corporate headquarters of ConocoPhillips in Houston, has revealed its plans to transform the approximately 70-acre site into a premier mixed-use destination that will be known as Watermark District at Woodcreek.

The real estate investment and management firm will repurpose a portion of the property, which currently consists of 1.3 million square feet of office space, to create a walkable live-work-play enclave in the Energy Corridor.

Sited along Interstate 10 within the Woodcreek development in West Houston’s Katy Freeway West submarket, the former ConocoPhillips site was most recently known as Century Park, having been renamed by previous owner The Howard Hughes Corp. Howard Hughes had purchased the campus as part of a $565 million multi-asset transaction in 2020, and in late December 2021, the company sold the asset to Midway in a deal valued at only $25 million.


READ ALSO: Office Trends, Takeaways From SIOR CREate 360


Now Midway is prepared to give the onetime corporate headquarters a massive makeover that will yield luxury multifamily accommodations, high-end retail, a boutique hotel and most notable, 650,000 square feet of premier, future-oriented office space. The timing may be just right. According to a third quarter 2022 report by Holt Lunsford Commercial, “The Katy Freeway West submarket has not delivered any new office space since The Cannon delivered in 2019, and there is currently no office space under construction.”

New incarnation

Developed for Conoco in 1978, the Kevin Roche-designed compound that will evolve into Watermark encompasses 16 three-story office pavilions linked via bridges that create a walkway over ponds and grassy areas in an atmosphere reminiscent of a Japanese fishing village. Midway endeavors to transform the site into an environment that will serve as a magnet for cutting-edge companies to the city’s Energy Corridor.

In addition to converting a portion of the existing buildings into Class A office space, Midway will deliver a repurposed innovation hub and update the property’s 100,000-square-foot wellness/fitness facility. The changes will supplement the site’s existing health-centric offerings, which include walking paths, bike paths and access to a 12.5-mile network of trails.

In the process of bringing Watermark to life, Midway will preserve the history of the land while simultaneously minimizing the carbon impact through the adaptive reuse of a segment of the existing square footage. To further the greening of the compound, Midway has formed a partnership with cleantech social impact company 374Water to install a first-of-its-kind onsite, fully integrated sustainable wastewater management system.

And in its bid to urbanize the suburban setting, Midway will incorporate a new urban grid system that will enhance connectivity within the enclave and highlight its 9 acres of lakes and 20 acres of green space.

State of the Houston office market

The Energy Corridor in the Katy Freeway West submarket—home to such big names in the energy business as Shell, British Petroleum and ConocoPhillips, as well as other energy-related companies—has seen its office sector suffer the ramifications of the pandemic and the downturn in the energy sector, as evidenced by a vacancy rate that continues to hover in the low 20 percent range, according to the Holt Lunsford report. However, there have been positive signs in the submarket and across Houston.

“This submarket, along with most of the metro, has experienced a recent and significant flight-to-quality helping these large corporations to continue attracting a talented workforce,” according to the Holt Lunsford report. “Despite the lack of success in recent years, the submarket is easily accessible for a majority of the Houston workforce that resides in West Houston, making it an ideal location for companies looking to get out of the city and into the suburbs.”

Midway expects to kick off construction at Watermark in the first half of 2023.



Source link

Tags: campuscommercialExecutiveHoustonMidwayMSFOfficePropertyTransform
ShareTweetShareShare
Previous Post

cci: CCI has been pragmatic in levying, quantifying penalties: Chairperson

Next Post

Tel Aviv Stock Exchange to Launch a Crypto Trading Platform

Related Posts

Each Investor Wants a “Purchase Field”—This is Methods to Construct One the Proper Approach

Each Investor Wants a “Purchase Field”—This is Methods to Construct One the Proper Approach

by Index Investing News
May 13, 2025
0

Savills Relocates DC Workplace – Industrial Property Govt

Savills Relocates DC Workplace – Industrial Property Govt

by Index Investing News
May 13, 2025
0

Savills new workplace location in D.C. will probably be at 600 thirteenth St. NW. Picture courtesy of CommercialEdge. Savills is...

An Arts Hub and Reasonably priced Housing Beneath One Roof in Inwood

An Arts Hub and Reasonably priced Housing Beneath One Roof in Inwood

by Index Investing News
May 12, 2025
0

As a graduate scholar in Connecticut, Mino Lora wrote her thesis on creating and producing a free, accessible theater in...

NYC’s tallest tower leases its highest flooring for the primary time

NYC’s tallest tower leases its highest flooring for the primary time

by Index Investing News
May 12, 2025
0

(Bloomberg) — Some 1,100 ft within the air, nearly as excessive as you'll be able to go anyplace in New...

Worth Cuts Hit Report as Stock Floods Again

Worth Cuts Hit Report as Stock Floods Again

by Index Investing News
May 12, 2025
0

Worth cuts surge throughout the housing market as stock bounces again in an enormous manner. The “more healthy” housing market...

Next Post
Tel Aviv Stock Exchange to Launch a Crypto Trading Platform

Tel Aviv Stock Exchange to Launch a Crypto Trading Platform

Sheriff manager Stepan Tomas resigns two days before Man Utd clash

Sheriff manager Stepan Tomas resigns two days before Man Utd clash

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Floridian teenagers face blended emotions this Delight month

Floridian teenagers face blended emotions this Delight month

June 19, 2022
Journey + Leisure contains Cariloha for Finest Luxurious Bathrobes

Journey + Leisure contains Cariloha for Finest Luxurious Bathrobes

November 9, 2024
Do banks change a charge once you switch cash out of their checkings account into a 3rd get together brokerage? (e.g. BoA -> Robinhood) : shares

Do banks change a charge once you switch cash out of their checkings account into a 3rd get together brokerage? (e.g. BoA -> Robinhood) : shares

March 14, 2022
Paul Pelosi recounts San Francisco home invasion, hammer attack at trial

Paul Pelosi recounts San Francisco home invasion, hammer attack at trial

November 14, 2023
Shares making the most important strikes after hours: ADBE, RH, ORCL

Shares making the most important strikes after hours: ADBE, RH, ORCL

September 12, 2024
Catch Up On The Greatest Of Inman Join New York: The Obtain

Catch Up On The Greatest Of Inman Join New York: The Obtain

January 26, 2025
China’s Shein to re-enter India

China’s Shein to re-enter India

May 19, 2023
Horizon Therapeutics, Coupa Software, Rivian and more

Horizon Therapeutics, Coupa Software, Rivian and more

December 12, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In