New HP Inc. Campus North of Houston Trades Hands

The Houston-area campus that HP Inc. (NYSE: HPQ) moved into late last year has a new owner.

HP Plaza in CityPlace at Springwoods Village was developed by Houston-based Patrinely Group for HP Inc. and completed in November 2018. A joint venture among Patrinely Group, San Antonio-based USAA Real Estate and CDC Houston — the companies behind the 60-acre CityPlace mixed-use district — announced April 9 that Washington, D.C.-based real estate asset management firm Northridge Capital, LLC has bought HP Plaza.

Jeff Hollinden and Trent Agnew of HFF listed the property for sale. The purchase price was not disclosed.

The property includes two buildings at 10300 and 10400 Energy Drive in Springwoods Village, a 2,000-acre master-planned community north of Houston. One building consists of 233,516 rentable square feet across four floors, while the other has 144,886 rentable square feet on five floors. Features include a full-service café and fitness center, structured parking and modern interior finishes with exposed ceilings, per the release. The property is powered by 100 percent renewable energy and is expected to receive LEED certification.

California-based HP Inc. occupies 100 percent of the 378,401 total rentable square feet under a long-term lease. The company moved its 2,400 Houston employees to the campus at the end of 2018.

“HP Inc. was the largest office lease inked for 2016 in Houston,” Robert Fields, president and CEO of Patrinely Group, said in the April 9 release. “This transaction reinforces the strength of this new urban center in north Houston.”

Just before HP Plaza was completed, California-based Hewlett Packard Enterprise (NYSE: HPE) preleased 568,000 square feet for its new campus, also in CityPlace. The former Hewlett-Packard Co. officially split into Hewlett Packard Enterprise and HP Inc. in November 2015, but they still both had operations at the former Compaq campus in Houston.

Both HP Plaza and the HPE lease are finalists in the Houston Business Journal's 2019 Landmark Awards, which will be held April 11 from 6 to 9 p.m. at the Marriott Marquis.