A campus formerly owned by Houston-based Halliburton Co. (NYSE: HAL) has been sold to a local private investment group, according to a press release from JLL.
JLL Capital Markets marketed the property and worked with Oklahoma-based Williams & Williams, which held an auction for the 48-acre Oak Park campus on April 27. Rudy Hubbard, Kevin McConn, Rick Goings and Dan Bellow led the JLL team.
The new owner has not announced plans for the site yet, per JLL’s release. The buyer and purchase price were not disclosed.
One 45-acre tract at the address was appraised at nearly $21.76 million for 2018, down from nearly $38.1 million for 2017, according to the Harris County Appraisal District.
The 2018 appraisal of the remaining 3.67 acres is pending, but the property was valued at more than $1.26 million in 2017, per HCAD.
A special warranty deed filed June 11 with the Harris County Clerk lists the buyer as 68B LLC, records show. According to Realty News Report, Lawrence Wong led the investment group.
“Given its prominent location and size, this site has high potential for any number of uses,” Hubbard, JLL's managing director, said in the release. “However this property is purposed, we look forward to seeing it fully utilized to the benefit of the market and new ownership alike.”
The Oak Park Campus is at 10200 Bellaire Blvd. in the southern-most portion of the Westchase District, just outside Beltway 8 and south of the Westpark Tollway. Per JLL’s release, the site currently includes a 568,000-square-foot office building, a 17,500-square-foot fitness facility, a daycare center, central plant and five-level parking garage.
Although the office building was constructed in 1979, Halliburton has made cosmetic, mechanical and electrical upgrades since 2013, per JLL.