Developer CDC Houston buys office buildings, hotels in City Place
Developer CDC Houston has bought a majority stake in two hotels and two office buildings at City Place, its 2,000-acre Spring development that also houses the headquarters of Exxon and Hewlett Packard Enterprise.
The price of the deal with USAA Real Estate was not disclosed, but it gives CDC Houston majority ownership in the 128-room Residence Inn by Marriott Houston Springwoods Village and the 125-room Courtyard by Marriott Houston Springwoods Village on Holzwarth Road. Woodbine Development Corp. and InterMountain Management remain partners in the hotels, which were completed within the past seven years.
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CDC Houston also acquired full ownership of the City Place 1 and City Place 2 office buildings from Patrinely Group and USAA Real Estate, its partners in the developments.
The master-planned community formerly known as Springwoods Village is close to Interstate 45, the Grand Parkway and the Hardy Toll Road.
“In addition to being sound, long-term investments, these acquisitions ensure an adherence to the City Place master plan throughout our evolution and maturation, as well as an ongoing commitment to quality and sustainable development,” said Warren W. Wilson, CDC Houston executive vice president. in a release CDC Houston is a subsidiary of New York-based Coventry Development Corp.
Fast-growing City Place recently sold land to Harmony Schools and Kelsey-Seybold Clinic for new developments as the community prepares to enter its next phase with the addition of a new residential section focused on sustainability, bikeability or feet and connections with neighbors. Since its inception a decade ago to consolidate Exxon Mobil’s Houston operations on a campus south of The Woodlands, the more than 2,000-acre City Place community has grown to include 4.75 million square feet of office space , several apartment communities, three hotels, retail and two residential enclaves. The trails connect to a 60-hectare urban core with a waterfront plaza and park.
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The five-story, 149,500-square-foot City Place 1 at 1700 City Plaza Drive was the first multi-tenant office building to debut in City Place’s urban core in 2019. Office tenants include CDC Houston and Arroyo Energy Investors. City Place 2, a 10-story, 326,800-square-foot building at 1701 City Plaza Drive, was completed in 2018 and serves as the global headquarters for the US Bureau of Transportation. Both buildings have a ground floor restaurant and retail space.
CDC Houston continues to partner on other City Place assets – Houston City Place Marriott with USAA Real Estate and Woodbine Development, and several buildings in City Place 1A, part of the downtown core, with Patrinely Group and USAA Real Estate. Previously, CDC Houston acquired full ownership of Hewlett Packard Enterprise’s new leased global headquarters at City Place, which were also developed in partnership with Patrinely Group and USAA Real Estate.
