Bisnow Exclusive: Sometimes You Want an Empty Building
Wood Group Mustang is vacating 16900 Park Row this fall after a decade in the property. (10 years is longer than most Hollywood marriages.) Seeing a great opportunity, Hicks Ventures purchased the facility.
Founder Pat Hicks tells us he was able to buy the 76k SF office building at a great basis, and thinks a major renovation will help the asset compete well in the Energy Corridor. The vacancy itself is a major draw; he’ll be able to deliver a large block of space to a market that doesn’t have many available. 16900 Park Row was built in 1980, and features an underground garage that Pat also found appealing. (He says the original developers must’ve had a lot of hutzpah to attempt it at the time. It was the '80s, Pat. Everyone had hutzpah.)
Hicks is investing $1M into the property's skin, entryways, lobby, restrooms (always crucial), mechanical systems and garage. The refurb will be done in Q4. HFF’s Trent Agnew repped seller Romel Mustang. Pat tells us he’s very bullish on the Energy Corridor—he had great success with Park 10 Place I and II, and he’s eying several other properties in the submarket now. And stay tuned; he'll have significant leasing announcements soon on Block 10 West.