Patrinely JV Sells Houston-Area HP Campus
- Apr 15, 2019
A joint venture of Patrinely Group, USAA Real Estate and CDC Houston has sold the 378,402-square-foot HP Plaza in Spring, Texas. The new owner, Northridge Capital, took out a $121 million loan from Lincoln Financial Group to finance the acquisition, Yardi Matrix information shows.
Patrinely Group developed the property for HP Inc. in 2018, which occupies the asset under a long-term lease signed in 2017. Located at 10300 and 10400 Energy Drive, the two-building property is within CityPlace, a 60-acre mixed-use project in Springwoods Village, a master-planned community spanning across 2,000 acres.
Building One encompasses 233,516 square feet while Building Two totals 144,886 square feet. HP Plaza is adjacent to Interstate 45 and less than 26 miles from downtown Houston.
The asset features a variety of workspaces and includes common-area amenities such as a café and a fitness center. Powered by renewable energy, the property is designed to achieve LEED certification.
“HP Inc. was the largest office lease inked for 2016 in Houston,” said Robert Fields, president & CEO of Patrinely Group, in prepared remarks. “This transaction reinforces the strength of this new urban center in north Houston.”