June 20, 2016
A 36-acre office complex in north Houston is headed for the auction block, following the departure of Exxon Mobil Corp., one of the property’s primary occupiers. A partnership between Houston-based Hines and the General Motors Pension Fund owns Greenspoint Place, a six-building, 1.5-million-square-foot asset.
The 40%-occupied property also includes three connecting retail centers and two future office tower development sites. Exxon is consolidating roughly 10,000 employees into it’s new 385-acre campus in Springwoods Village.
Hines says energy market woes hammered the Houston CRE market and that factored largely into its decision to turn the asset back to the lender, reportedly Northwestern Mutual Life Insurance Co. Next month, the property is slated to be auctioned in a foreclosure sale.