Credit Union Purchases $11.6M Building In The Energy Corridor For New HQ
Houston-based First Service Credit Union purchased the six-story office building at 16430 Park Ten Place in the Energy Corridor for its new HQ. It paid $11.6M, or about $105/SF, for the 110k SF building, reports the Houston Business Journal. The company will initially move about 100 employees into 35k SF.
The deal is a positive sign for the Energy Corridor. The submarket has taken a beating from the oil downturn. Earlier this year at the Future of the Energy Corridor event hosted by Bisnow, industry experts predicted The Energy Corridor would benefit from a flight to quality when the price was right. It looks like they were right. [HBJ]