WEST HOUSTON CAMPUS - The Woodlands

O F F E R I N G M E M O R A N D U M

H O U STO N , T E X A S

W E S T H O U S T O N C A M P U SSIGNATURE CAMPUS - 1.3 MSFPRIME REDEVELOPMENT SITE - ±63 DEVELOPABLE ACRES

PREMIER WEST HOUSTON LOCATION

© 2020 CBRE, Inc. All Rights Reserved.

E X C LU S I V E M A R K E T I N G A D V I S O R S

ADDITIONAL CONTACTS

PRIMARY CONTACTS

DEBT & STRUCTURED

JARED CHUASenior Vice President+1 [email protected]

BRANDON CLARKEExecutive Vice President+1 [email protected]

STEVE HESSEVice Chairman+1 [email protected]

NOLAN MAINGUYSenior Associate+1 [email protected]

JOHN FENOGLIOExecutive Vice President+1 [email protected]

JEFF STEINSenior Vice President+1 [email protected]

For additional information regarding this opportunity, please visit the property website at www.westhoustoncampus2020.com.

01 EXECUTIVE SUMMARY 01

02 PROPERTY DESCRIPTION 09

03 SUBMARKET SNAPSHOT 25

OFFICE MARKET OVERVIEW 34

MULTIFAMILY MARKET OVERVIEW 37

HOTEL MARKET OVERVIEW 39

RETAIL MARKET OVERVIEW 41

04 HOUSTON MARKET 55

TA B L E O F C O N T E N T S

W E S T H O U S T O N C A M P U S

01 E X E C U T I V ES U M M A R Y


H O U STO N , T E X A S1

2

PREMIER HEADQUARTERS CAMPUS & INVESTMENT OPPORTUNITY

The West Houston Campus represents the premier large-scale land tract in all of Houston and would be an ideal redevelopment across multiple uses.

CBRE, as exclusive advisor to The Howard Hughes Corporation®, is pleased to present

to qualified users and investors a truly unique and extraordinary opportunity to acquire

the West Houston Campus (the “Property” or the “Campus”) in Houston’s world-

renowned Energy Corridor. Situated on ±63 developable acres, this 1.3 million-square-

foot complex comprises one of Houston’s premier corporate campuses and represents

the most exciting development opportunity across the entire market. The Property was

originally developed for the corporate headquarters of ConocoPhillips, which relocated

directly across Interstate Highway 10 in late 2018.

The West Houston area is one of Houston’s most sought-after locations and is home to

a significant number of global companies and facilities such as BP®, ConocoPhillips®,

MD Anderson®, Methodist Hospital®, Shell, Sysco Foods®, TechnipFMC®, Texas

Children’s Hospital®, and Wood Group®, among others. This critical mass of some of

the world’s top companies in energy, technology and other critical industries, coupled

with the attractive demographic population to both the east and west, ensures the

Energy Corridor’s long-term viability across all uses.

Given its surrounding natural barriers, the west Houston area has become relatively

dense with limited tracts available for future development. As such, the West Houston

Campus represents an ideal corporate headquarters campus as well as an opportunity

for a large-scale, mixed-use development and is advantageously positioned at the

heart of the submarket. The Property’s high level of visibility and favorable ingress/

egress are perfectly positioned for the success of office, multifamily, retail, and

hospitality uses.

ADDRESS: 600 North Dairy Ashford DriveHouston, TX 77079

TOTAL GROSS AREA: 1,302,597 SF

LEASED: 0%

# OF STORIES: Three (Plus Basement Level)

YEARS BUILT: 1984; 2007

FLOOR PLATE SIZES: ±13,000 to ±66,000 SF

SITE: ±63 Developable Acres

FRONTAGE: N. Eldridge Parkway: ±897.6 feet (±0.17 miles) N. Dairy Ashford: ±2,798.4 feet (±0.53 miles)

RECENT CAPITAL INVESTMENT:

Over $170 Million since 2007

OWNER:The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S.

Asset profile

3 | WEST HOUSTON CAMPUS

NORTH ELDRIDGE PARKWAY

NORTH DAIRY ASHFORD ROAD

AERIAL VIEW

10KATY FREEWAY

1,302,597 SF ±63 DEVELOPABLE ACRES

per day: ±40,000

per day: ±300,000

EXECUTIVE SUMMARY | 4

WELLNESS CENTER & RECEPTION BUILDING

+ Generously landscaped, ±63-acre developable site

features a unique, well-elevated park-like setting

+ Constructed as ConocoPhillips’ corporate headquarters

and, along with the neighboring Shell Oil Co. campus,

was the initial development in the Energy Corridor,

known as Woodcreek

+ Comprised of 17 individual three-story buildings with

interconnecting walkways and bridges, nine acres of

lakes and 24 acres of extensive landscaping

+ World-class Wellness Center & Reception Building

added in 2007

+ Floor plates range from ±13,000 to ±66,000 square

feet and offer efficient space planning and significant

flexibility for a wide range of uses

+ Structured and covered surface parking provide an

overall ratio of 2.45/1,000 SF, which can be easily

expanded as needed

+Governed by Woodcreek Park protective covenants and restrictions, provided in its entirety on the Virtual Deal room of the property website

SIGNATURE CORPORATE HEADQUARTERS CAMPUS

FIRST-CLASS, ON-SITE AMENITIES

Full complement of first-class, on-site amenities in demand among today’s most discerning office users.

Full-size basketball court

Banking services space

Conference center facilities

Two-story fitness center

Café/Full dining facility

Olympic-size salt water swimming pool

Indoor/outdoor event spaces

Multiple exercise rooms

Outdoor (lit) running track

Redundant power with back-up systems

Medical and dental office space

World-class wellness facilities

Soccer field

Significant Capital Recently Invested+ More than $170 million invested since 2007

- New Wellness Center & Reception Building completed in 2007 for ±$78 million

- New Central Plant completed in 2016 for ±$42 million

- Detailed schedule provided in the Property Description section of the Offering Memorandum

- The Campus did not sustain any flooding during Hurricane Harvey in 2017


CONFERENCE CENTER FACILITY OUTDOOR SIDEWALK CORRIDOR

NEW CENTRAL PLANTFITNESS CENTER

FIRST-CLASS On-site amenities & features


FIRST-CLASS ON-SITE AMENITIES

FITNESS CENTER

FULL-SIZE BASKETBALL COURT OLYMPIC-SIZE SALT WATER SWIMMING POOL

SOCCER FIELD


MEDICAL & DENTAL OFFICES WORLD-CLASS WELLNESS CENTER & RECEPTION BUILDING

FINANCIAL OFFICESCAFÉ / FULL DINING FACILITY

FIRST-CLASS ON-SITE AMENITIES


Global or U.S. Headquarters Locations

Significant & Strategic Campuses

GALLERIA/UPTOWN

WESTCHASE

CBDRIVEROAKS

KATY

MEMORIALVILLAGES

CONROE

WilliamP. HobbyAirport

George BushIntercontinentalAirport

EllingtonAirport

WEST HOUSTON/ENERGY CORRIDOR

BP

World-Class west hosuton LocationThe Energy Corridor is a proven, leading destination in Houston due to its significance as a global

center to a major industry, its historical performance and future growth prospects resulting from

robust, continuous demand.

GLOBAL ECONOMIC CENTER+ “Energy Capital of the World” and Houston’s second-largest employment center

+ Concentration of energy, technology and healthcare companies and facilities

+ Exceptional demographics, leading population growth and superior amenities

The West Houston Campus is advantageously situated at the very heart of the globally renowned Energy Corridor.

One of Houston’s Leading Office Submarkets+ Perennial leader in office fundamentals with a concentration (66%) of

Class A space

+ Greatest demand and lowest vacancy of any Houston submarket over

the last 25 years

+ Premier corporate address and the new heart of the Houston workforce

Exceptional Regional Access+ Immediate access to North Eldridge Parkway — the most significant

north/south thoroughfare between Beltway 8 and State Highway 6

+ Strategic location at the corner of I-10 and Eldridge — creates

unmatched access in all directions



One of the nation’s most resilient and dynamic markets, Houston is also one of the few true “necessary cities" globally.

TECH AND SUPPORTING DATAFINANCIAL SERVICES PAGEGreater Houston Partnership – Digital Tech in Houston, 2018

LEADING GLOBAL MARKETPLACEHouston is firmly established as a premier global city

and is a top destination for investment by all capital

sources due to its unique combination of stability and

dynamic growth potential.

Unparalleled Local Economy+ “Energy Capital of the World”

- Oil, natural gas and green/alternative fuels

- Serves every facet of the energy industry

globally

+ Houston Technology Center — Largest technology

business incubator/accelerator in Texas

+ Increasingly diverse economy — healthcare,

technology and distribution — buffers against

national trends and provides stability and growth

+ Port of Houston

- 10th Largest in the world

- 1st in U.S. for imports and total tonnage

+ Texas Medical Center — Largest medical center in

the world

+ One of the nation’s busiest airport systems

+ One of the nation’s busiest rail centers

+ NASA’s Johnson Space Center

One of the World’s Leading Cities+ 4th Largest city in the U.S.

(behind NYC, LA and Chicago)

+ 4th Most Fortune 500 HQs in the U.S.

(behind NYC, Chicago and DFW)

+ 3.6% Unemployment rate (December 2019)

+ A.F.I.R.E. Ranked for “Global Real

Estate Investment”

Leading Destination for Individuals and Business+ Fastest-growing metro in the nation (between

2000-2010 and 2010-2017)

+ 3rd Highest metro population growth in U.S. —

92,000+ New residents

in past 12 months

+ High quality of life — Low cost structure,

positive employment, attractive/affordable

housing, quality public education

+ Leader in corporate locations, relocations, and

expansions

+ Central location (equidistant to both coasts)

+ Pro-business environment

+ Low cost destination compared to other major

metropolitan areas

HOUSTON, TEXAS

+HP Inc.

+HP Enterprise

+ IBM

+Amazon

+Microsoft

+BMC Software

+Oracle

+NetIQ

+Dell

+Texas Instruments

+PAS

+Cardtronics

+Empyrean Benefits Solutions

+Quorom Software

+HighRadius

HOUSTON IS HOME TO OVER 500 DIGITAL TECHNOLOGY COMPANIESThe 100 largest digital tech companies in Houston employ a local workforce

of more than 25,000 people. As of Fall 2018, there were nearly 30 tech

employers with 300+ employees in Houston, including:


In light of the COVID-19 pandemic, employee health, safety, and morale are top of mind perhaps more than ever. The way that office spaces are designed and used will undoubtedly

evolve as employers adapt to the new needs and priorities of their workforce whilst following CDC standards. As employers develop strategies to safely reintegrate employees into

the office, the design and location of West Houston Campus provide several advantages over more traditional urban office space.

A SUBURBAN CAMPUS ENVIRONMENT – SUITED FOR post-covid 19 OFFICE RE-ENTRY


ADVANTAGES OF CAMPUS DESIGN POST COVID:

A low rise, wide spread layout decreases office density and is easier to

navigate without frequent elevator use, greatly reducing or eliminating

elevator queues seen in office towers

A wide second story walking spine provides ample space to create

designated walking lanes in each direction, allowing for better social

distancing

The campus’ location means almost all employees will drive their own

vehicles instead of using crowded public transportation, reducing

exposure risk

Parking areas are spread throughout the campus, with fewer vehicles

and less dense employee ingress/egress at single points of entry

Access gates and indoor reception desks create natural checkpoints to

help control campus access, and can serve as temperature reading or

symptom checkpoints

Green spaces, lake and outdoor walkways provide a calming

environment for employees and provide additional access to walking

space to further encourage social distancing

Abundant natural light throughout the campus’ indoor space helps

improve mood and productivity

An on-site, state of the art fitness center and sports/recreation

amenities are for the exclusive use of employees

As of May, 2020, Texas ranked 41st in COVID-19 infections per 100,000 people, and 42nd in deaths per 100,000. The state’s relatively low infection rates and state government actions indicate that employees may return to offices sooner than in many states. Source: Johns Hopkins

These design advantages have helped West Houston Campus remain open

and operational throughout the COVID-19 pandemic.EXECUTIVE SUMMARY | 12


P R O P E R T YD E S C R I P T I O N02



10

GALLERIA/UPTOWN

WESTCHASE

CBDRIVEROAKS

KATY

MEMORIALVILLAGES

CONROE



EllingtonAirport


premier west houston location



property overview

“MAIN STREET” CONNECTOR


UNIQUE, PARK-LIKE SETTING

SITE/ACCESSThe West Houston Campus is situated on approximately 63 developable acres located in

the northeast quadrant of the Katy Freeway (I-10) and North Eldridge Parkway. The site is

bounded by North Dairy Ashford Road to the south, North Eldridge Parkway to the west,

Addicks Reservoir to the north, and Shell’s Houston campus to the east. There are multiple

points of ingress/egress via North Eldridge Parkway and North Dairy Ashford.

OFFICE CAMPUS Originally constructed from 1982 to 1984, the West Houston Campus is comprised of 17 three-

story buildings totaling over 1.3 million gross square feet. Accommodating approximately

3,800 employees, the 17 interconnected office buildings include a basement level that

houses critical equipment for the entire campus. Connected to the office buildings at the

west side of the site is the Wellness Center & Reception Building. Completed in June 2007

and totaling 135,000 gross square feet, this three-story modern addition offers a wealth of

on-site amenities.

While the Wellness Center & Reception Building remains fully intact, all of the remaining

space across the campus has had all build-out fully demolished and is in concrete slab

condition.

The West Houston Campus is governed by Woodcreek Park protective covenants and

restrictions, which are provided in their entirety on the Virtual Deal Room of the property

website at www.westhoustoncampus2020.com.

PARKING DETAILLOCATION YEAR BUILT TOTAL

West Garage (Six Levels) 2007 2,184

East Parking Lot 1984 898

North Road Parking 1984 90

Executive Parking 1984 15

Total Campus Parking Spaces 3,187 Total Campus Parking Ratio 2.45/1,000 SF

PROPERTY DESCRIPTION | 12


CENTRAL PLANT

CONFERENCE CENTER

significant capital investmentMore than $170 million has been invested at the West Houston Campus since 2007, ensuring the

Property remains a best-in-class office asset within the Energy Corridor. These capital investments

have enhanced not only the look and feel of the Property but have also upgraded building systems,

significantly reducing an investor’s near-term capital exposure.

A summary of capital improvements undertaken by Ownership is provided in the table below.

CAPITAL IMPROVEMENT YEAR(S) COMPLETED INVESTMENT

Wellness/Reception Building & West Garage 2007 $78,000,000

New Central Plant [1] 2014-2016 $42,000,000

Roof/Skylight Replacement 2008 $16,000,000

Canopy/Shade Replacement 2008 $10,500,000

Exterior Façade & Walkway Restoration 2008 $6,000,000

Emergency Generator Replacement 2013 $3,400,000

Elevator Modernization [2] 2007-2015 $2,500,000

Fire System Piping Updates 2014-2016 $1,700,000

Arbor Trellis Replacement 2008 $1,000,000

Emergency Power Distribution Upgrades 2012 $1,000,000

Fire Alarm System Replacement & Upgrades 2013 $950,000

PE Basement Remodel 2013 $900,000

Sanitary Piping Replacement (below Cafeteria) 2014-2016 $400,000

Data Center Refresh 2013 $330,000

Campus Perimeter Detection System 2013 $100,000

TOTAL $164,780,000

[1] Includes chillers, primary electrical feed, boilers, dock drainage improvements, addition of Spirit Way between Dairy Ashford and I-10, etc.[2] Includes the system modernization and cosmetic cab upgrades to seven of the 10 elevators in the 16 original office buildings.



KATY FWY

OLD

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N DAIRY ASHFORD RD

NW2

NW3

NW1

SW1SW3

SW2

SC1

SC2

SE3

SE2

SE1

NE1

CC

NE3NE2

NC

CENTRAL PLANT

WE

LLN

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WESTGARAGE

VISITORPARKING

EAST SURFACE PARKING LOT

PEDESTRIAN BRIDGE

WR

per day: ±40,000

per day: ±300,000

SITE PLAN±63 DEVELOPABLE ACRES


BUILDING DETAIL BY FLOOR

BUILDING NAME FLOOR # GROSS AREA (SF)

NE3 1 27,415

NE3 2 27,415

NE3 3 27,415

SW3 1 21,638

SW3 2 21,628

SW3 3 21,638

NE2 1 17,482

NE2 2 17,482

NE2 3 17,480

NW3 1 11,637

NW3 2 11,807

NW3 3 11,807

SC1 1 32,814

SC1 2 32,814

SC1 3 32,814

NC Basement 73,390

NC 1 20,112

NC 2 66,855

NC 3 39,432


SC2 1 34,987

SC2 2 34,987

SC2 3 34,987

SE2 1 13,718

SE2 2 13,717

SE2 3 13,718

SW1 Basement -

SW1 1 15,673

SW1 2 15,898

SW1 3 15,898

SW2 1 19,445

SW2 2 19,445

SW2 3 19,445

NW1 1 19,500

NW1 2 19,718

NW1 3 19,718

NW2 1 19,707

NW2 2 19,707

NW2 3 19,707


CC Basement 12,312

CC 1 20,108

CC 2 20,732

CC 3 20,855

NE1 1 13,433

NE1 2 13,651

NE1 3 13,651

SE3 1 27,404

SE3 2 27,459

SE3 3 27,404

SE1 1 15,513

SE1 2 15,513

SE1 3 15,513

WC 1 44,379

WC 2 45,405

WC 3 45,216

PEDESTRIAN BRIDGE ±21,000

CAMPUS TOTALS 1,302,597


WELLNESS CENTER & RECEPTION BUILDING+ Completed in June 2007

+ Located on the west side of the site and connected to the Main Campus via the

“Main Street” connector

+ Core and shell designed by Pickard Chilton; interiors designed by PDR

+ Features a three-story main reception area and houses the Campus’ primary amenities:

- World-class exercise facility

- Garden café

- Flexible conferencing

- Banking services

- Medical and dental services

- Visitor parking


CONSTRUCTION DETAILS

Vertical Transportation: Elevators & Escalator

+ The Main Campus has 10 Montgomery hydraulic elevators and one escalator (all

vintage 1982).

- Between 2007 and 2015, seven of the 10 elevators were modernized (two freight and five

passenger units).

- The escalator is original to the Property and has not been modernized.

- The new central plant has one Otis hydraulic elevator with a 6,000-pound capacity rating

(2016 vintage).

+ The Wellness Center & Reception Building and adjacent West Garage have eight Otis

elevators (vintage 2007).

- Five of the units are in the parking garage, and three are in the Wellness Center &

Reception Building.

- The Wellness Center & Reception Building elevators are designated as freight, pool and

reception units.

- The West Garage elevators are designated as passenger-type units and are rated at

3,000-pound capacity.

- The freight elevator is designated at 4,500-pound capacity.

Roofing & Walkways

+ The Main Campus roof system (of the 16 original office buildings) was replaced in October

2008 and remains subject to a 20-year warranty.

+ The 2008 project also addressed the replacement of the canopy/shade panels and the

arbor trellis.

+ Restoration of the exterior façade and the first-floor and second-floor exterior main-street

pedestrian bridges and walkways was also completed in 2008.

+ The Wellness Center & Reception Building’s roof was completed in April 2007 and remains

subject to a 20-year warranty.

+ The Central Plant roof was completed in May 2016 and remains subject to a 20-year warranty.


SYSTEM DETAILS

Mechanical, Electrical and Fire Life Safety

+ Between 2014 and 2016, the mechanical plant was completely redesigned, elevated to a three-

level, floor-enclosed structure and relocated at the north side of the McCollum Building and

loading dock area.

+ The existing chillers were replaced with five new state-of-the-art Carrier chillers totaling 5,000

tons (1,000 tons each, subject to five-year warranty from 2015).

+ The two original boilers were replaced in 2016 with five condensing boilers (Patterson-Kelly,

model #C4000; 4 million BTUs each) operating in series for greater efficiency.

+ All central plant mechanical systems are variable speed drive and controlled by a building

automation system (BAS) designed and operated by Computrols, Inc.

- The BAS communicates with a BASNET communication protocol but is 100% BACNET

compatible with BACNET bridge equipment.

- About 50% of the original 16 buildings still have pneumatic controllers, and the rest of the

Campus has been updated with DDC HVAC controllers.

+ The Main Campus has a C-Simon fire alarm system (replaced & upgraded in 2013), and the

Wellness Center & Reception Building has a Notifier system (2007).

- The Campus also has an EVAX evacuation speaker system (±2005).

- Computrols installed and maintains the fire alarm system.

+ The fire sprinkler system main distribution lines and vertical risers across the Campus (excluding

Wellness Center & Reception Building) were replaced in 2016.

+ The main domestic water distribution lines throughout the basement (less Wellness Center &

Reception Building) were also replaced.

UPS DetailUPS Unit Power AgeUPS-D1 80 kVA 10 Years UPS-D2 80kVA 9 Years UPS-B1 250kVA 9 Years UPS-B2 250 kVA 8 Years UPS-A1 250 kVA 9 Years UPS-A2 250 kVA 9 Years UPS-A3 250kVA 8 Years HU-UPS 225 kVA 12 Years UPS-Sa 500 kVA 12+ Years UPS-Sc 225 kVA 12+ Years WC-UPS 20 kVA 3 Years

Ages are approximate, as of Summer 2019.

Emergency Power

+ UPS systems and two fully automated Cummins diesel-powered

generators (2 megawatts each) protect critical operation systems (data

center electrical and cooling systems, Central Security Console) for the

Main Campus.

+ All critical power for IT/TCOM are fully protected by UPS systems

and batteries.

+ Two air-cooled chillers totaling 800 tons provide emergency cooling for

all critical systems and are UPS protected and powered by the same two

Cummins generators.

+ The Wellness Center & Reception Building and West Garage are protected

by a single Cummins 750 kW unit (original to 2007 construction) that

covers fire and life safety systems.


IT Infrastructure

+ Large data center footprint with redundant computer room

air conditioning (CRAC) heating/cooling and UPS power and

overhead fiber cabling between cabinets.

+ For voice calls, the Campus has full Cisco VOIP capability with

Cisco Call manager.

+ High-density wireless coverage throughout the Campus (including

basement) supporting both corporate and guest services.

+ The Campus has fiber Metro Ethernet providing 10 Gigabit access

to other locations in the Energy Corridor and throughout Houston.

AT&T, Sprint, and Verizon have existing cable

into the Campus with outside redundant paths providing T1, DS3,

OC3, OC192, and UVN ring capabilities

+ The Campus’ fiber infrastructure supports dual redundant 10

Gibibit uplinks from MDF to every IDF closet.

+ Copper cabling in all IDF closets to support 1 Gig to all offices,

conference rooms, and training rooms.


North Eldridge Parkway+ The West Houston Campus offers direct access to

North Eldridge Parkway, providing it with a unique,

competitive advantage.

+ North Eldridge Parkway is the most significant

north/south thoroughfare between Beltway 8 and State

Highway 6. It originates to the south in Sugar Land at

US 90 and connects Westpark Tollway, Westheimer

Road, Memorial Drive and I-10.

+ From I-10, North Eldridge continues north to Clay Road

and US-290, ultimately terminating at US-249.

10 KATY FREEWAY

superior ingress / egress

N DAIRY ASHFORD RD

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S U B M A R K E T S N A P S H O T03



26

10KATY FREEWAY

AERIAL VIEW | EAST bound

MULTIFAMILY MEDICAL

GALLERIA

WESTCHASE

1 1

2

3

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3

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23 4

5

6

7

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43

5

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4Domain The Lofts Alexan Lofts Ascent at CityCentre

Arrabella Townhomes

The Grove at Wilcrest

MemorialHermann Memorial City Medical Center

Nova Medical Centers

Texas Medical Services

Concentra Urgent Care

The Slate

Arlo Memorial Apartments

Ashford Apartments

Live Oak Apartments

CORPORATE PRESENCEA F

G

C

B

D

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Kiewit

Schlumberger

Halff Associates

Shell Oil Campus

Pacific Drilling Kimley-Horn

TechnipFMC

Kiewit Engineering BASF Corporation

A

B

C

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5

HOTEL1

2

3

4

Westin Hotel

Hotel Sorella Four Points and Candlewood Suites at CityCentre

Home2 Suites by Hilton

Hampton Inn

Embassy Suites

Hilton Garden Inn

Holiday Inn Express & Suites

Courtyard by Marriott

5

6

7

8

6

7

RETAIL1

2

3

4

CityCentre

Town & Country Village

Memorial City Mall

Nottingham Shopping Center

5

6

Perthshire & Dairy Ashford

Memorial Drive & Dairy Ashford

DOWNTOWN HOUSTON



10 KATY FREEWAY

AERIAL VIEW | WEST BOUND

MEDICAL

1

1

2

1

1

2

34

5

3

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MD Anderson - West Houston

West Houston Medical Center Lab

Texas Children’s Hospital - West

Houston Methodist - West Hospital

MD Anderson Cancer Center - Katy

CORPORATE PRESENCEA

F

B

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CH

D I

E J

Kiewit

CITGO Schlumberger Sysco Dow Chemical Gulf States Toyota IHS Markit Transocean

KBR

McDermott International

Bank of America

ConocoPhillips

Siemens Energy Petroleum Geo-Services

BP

Merrill Lynch

Gulf Interstate Engineering

Diamond Offshore Drilling

Regus Wood Group SUBSEA7

5

6

1

2

8

3 4

7

65

HOTEL1

2

3

4

Omni at Westside

Fairfield Inn & Suites

Extended Stay

Hyatt House

Houston Marriott

SpringHill Suites

Residence Inn

Staybridge Suites Residence Inn Holiday Inn

5

6

7

8

MULTIFAMILY1

2

3

4

The Grand on Memorial

Parkside at Memorial

Marquis on Memorial

Broadstone Energy Park

H6 Apartments

14220 at Park Row

Legend at Park Ten

Park Place

Marquis on Park Row

Sevona Park Row

5

6

7

8

9

10

789

10

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RETAIL1

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North Eldridge & Memorial

Eldridge Parkway

Top Golf

Barker Cypress & I-10

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SUBMARKET SNAPSHOT | 28

10KATY FREEWAY

premier destination for business and residentsOne of the nation’s premier commercial centers, West Houston’s business corridor is home to global technology, energy and engineering companies. Its first-class hotels, popular dining and

destination retail, highly desirable residential neighborhoods, and some of the region’s top-rated school districts make it a great place to call home. As Houston’s primary center of population

and jobs growth, it continues to attract a growing, highly-educated work force.

+ Strategically located along Interstate 10, with Beltway 8 and other major

thoroughfare proxmiity.

+ Houston’s second-largest employment center and one of its premier areas for an active,

healthy lifestyle.

+ Home to 300+ multinational, national and local companies in increasingly diversified

industries such as life sciences, technology, engineering, finance, and healthcare.

+ Attracts employees from across the entire Houston region.

+ Model community of progressive companies with a master plan that includes long-term

and short-term improvements supporting the area’s current and future economic vitality.

+ Master plan includes transit, landscape and urban design, and marketing campaigns

promoting the corridor to STEM employers and skilled workers.

+ In 2015, it was announced that plans would transform the nearby Addicks Park & Ride

facility into the Tech & “Energy Corridor Transit Center” — a mixed-use development and

high-capacity transit hub for West Houston.

+ Tech & Energy Corridor District — Formal association of area employers that works with

public and private organizations to facilitate the retention of existing companies and the

recruitment of new companies.



ACCESS TO A RAPIDLY GROWING AND VERY WELL-EDUCATED RESIDENTIAL POPULATION

±30 MINUTES FROM GEORGE BUSH INTERCONTINENTAL

AND HOUSTON HOBBY AIRPORTS

HOUSTON’S SECOND-LARGEST EMPLOYMENT CENTER WITH

MORE THAN 94,000 EMPLOYEES

QUALITY PUBLIC EDUCATION AND PRIVATE

SCHOOLS

HOUSING OPTIONS RANGE FROM THE AFFORDABLE TO

THE LUXURIOUS

50+ MILES AND 26,000+ ACRES OF PARKS AND TRAILS

HISTORICALLY HOUSTON’S LEADING GROWTH CORRIDOR

CONVENIENT SHOPS, RESTAURANTS AND HOTELS

ATTRACTIVE TO EMPLOYERS WITH LARGE WORKFORCES INCLUDING TECHNOLOGY, ENERGY, MEDICAL

AND FINANCE

submarket advantages POPULATION WITHIN 30 MINUTES OF THE ENERGY CORRIDOR

Source: Energy Corridor District

40%

2.6M

1.3M

OF ALL HOUSTON AREAEMPLOYED PERSONS

RESIDENTS

LABOR FORCE

43% OF ALL HOUSTON AREA

ARCHITECTS AND ENGINEERS

43%OF ALL BUSINESS AND

TECHNICAL PROFESSIONALS IN THE HOUSTON REGION

37% OF THE HOUSTON METRO

POPULATION


PIONEERS

EXXONMOBIL

GE

SHELL

EARLY ADOPTERS MAJOR PLAYERS DEMOGRAPHIC

EXPANSIONS ENERGY BOOM REGIONAL DOWNTURN

HOUSTON ON THE REBOUND

timeline of the energy corridor’s corporate growth19

80

198

1

198

2

198

3

199

2

199

3

199

9

200

2

200

4

200

7

200

8

200

9

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019



BLUE-CHIP CORPORATE PRESENCE+ The west Houston area’s concentration of quality, high-growth

corporate residents attracts related service providers, many of

which are smaller organizations that benefit from proximity to

larger, well-established companies.

+ These smaller companies are often willing to pay a premium to

be close to their core clients.

+ This produces a positive “ripple effect” as larger users take

full occupancy of the space they have leased, and smaller

supporting companies lease space adjacent to their clients.

+ The result is sustained demand that has historically produced

strong positive net absorption, higher occupancy rates, and

improved market positions for the landlords of the Energy

Corridor’s best-located, highest-quality office assets.

MAJOR WEST HOUSTON OFFICE TENANTS



OFFICE MARKET OVERVIEW+ The Energy Corridor is recognized as one of the world’s most important

energy centers and is home to some of the largest, most respected

companies in the world.

+ It is a perennial Houston leader with the greatest demand and lowest

vacancy of any submarket over the last 25 years.

+ This preferred corporate location is home to multi-national and local

growth-oriented companies.

+ This world-class submarket is ideally positioned for significant growth

that outperforms the market over the long term.

Source: CoStar

Inventory & Construction Activity

+ The Energy Corridor is the second-largest suburban office

submarket in Houston, with 26.9 million square feet.

+ Class A properties comprise 17.7 million square feet and

account for 66% of the submarket’s net rentable area.

+ With a relatively new inventory, 34% of the submarket’s

office space has been delivered over the last 11 years.

+ Currently no new office construction in progress. CLASS A 66%

CLASS B 34%

Office Inventory


ENERGY CORRIDOR OFFICE STATISTICS – YE 2019

QUALITY # BldgsINVENTORY

SF

TOTAL VACANT

SF % LEASED% SUBLEASE AVAILABLE

TOTAL NET ABSORPTION

(2019)


(2018)

DIRECT ASKING RENTS (Gross)

Class A 64 17,669,122 3,905,341 84.7% 4.8% 630,505 46,163 $36.46

Class B 99 9,195,771 2,309,754 76.0% 0.5% (158,964) 63,551 $22.53

Total 163 26,864,893 6,215,095 81.7% 3.3% 471,541 109,714 $30.63 Source: CoStar Filter: Office, >20k sf, Existing, Totals include Class A,B

MARKET FUNDAMENTALS+ Through 2019, Class A properties in the Energy Corridor are 84.7% leased, up 50 basis points over 2018. Class A

sublease availability of 4.8% is down from 7.1% in Q3 of 2018.

+ The Energy Corridor has posted positive net absorption during 13 of the last 15 years , including over 470,000 square

feet in 2019. Annual net gains average nearly 545,000 square feet over that time.

+ Class A asking rents of $36.46 PSF (gross) have remained flat over the last five years but still average 3.0% per annum

since 2013. Over the last 10 years, Class A rents are up 21%.

+ Overall Energy Corridor rents of $30.63 PSF and Class A rents compare favorably to the Houston averages of $25.08

and $35.19 PSF, respectively.

+ A critical business center and destination for global

industries.

+ Historically a dynamic, growth-oriented submarket

with a strong core of large, corporate users.

+ Home to three of the top 10 energy companies in

the world.

+ Dynamic underlying Class A fundamentals include:

- 15-Year average leased rate: 90.4%

- 15-Year average annual absorption: 556,268 SF

- 15-Year average annual rent growth: 3.8%

+ Relatively new inventory (34% developed over the

last 11 years) that appeals to today’s corporate users.

ENERGY CORRIDOR - KEY POINTS:


ENERGY CORRIDOR OFFICE | SUPPLY & DEMAND TRENDS

Source: CBRE Research, Q1 2020.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

(1,000,000)

(500,000)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

% L

ea

sed

Total Net Absorption RBA Delivered Class A Leased

To

tal

Ne

t A

bso

rpti

on

(S

F)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

% L

ease

d

Ave

rag

e A

skin

g R

ent

(P

SF)

Class A Rents (Gross) Class A Leased

2009

2008

2011

2010

2013

2012

2015

2014

2017

2016

2019

2018

Q1 - 2

020

$45

$40

$35

$30

$25

$20

$15

$10

$5

$0

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

ENERGY CORRIDOR OFFICE | RENT & OCCUPANCY TRENDS


4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

(500,000)

(1,000,000)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2009

2008

2011

2010

2013

2012

2015

2014

2017

2016

2019

2018

Q1 - 2

020

AV

ER

AG

E A

SK

ING

RE

NT

(P

SF

)T

OT

AL

NE

T A

BS

OR

PT

ION

(S

F)


Source: CoStar

ALL ALL OTHERSOTHERS

CLASS ACLASS A

KATY FREEWAY/WEST MULTIFAMILY INVENTORY

MULTIFAMILY MARKET OVERVIEW+ The Katy Freeway/West Houston multifamily submarket is centered on I-10 and includes

properties located between Beltway 8 and Greenhouse Road.

+ The submarket is generally bound by Westpark Tollway to the south and Clay Road to

the north.

Houston Multifamily Market

+ Houston’s continued top job growth makes it one of the nation’s top residential markets.

+ Houston’s strong multifamily fundamentals include overall Q1 2020 occupancy of 90.3%

and Class A occupancy of 88.2%.

+ Total 2019 net absorption of 8,297 Class A units is slightly less than the completed

10,046 units.

+ Across the Houston market, Class A rents currently average $1.51 PSF, up 29% since 2000.

+ Nearly 2,500 units remained under construction at the end of Q1 2020 and are expected

to be delivered by mid-2020.

Katy Freeway / West Houston Submarket

+ The Katy Freeway/West Houston submarket has Houston’s second-largest concentration

of multifamily homes, accounting for over 5% of the market’s total inventory.

+ Katy Freeway/West Houston properties reported an overall Q1 2020 occupancy of 90.4%

and Class A occupancy of 90.9%.

+ Net absorption over the last 24 months totals 3,068 units, outpacing deliveries of 669

units over the same period of time.

+ New product in the area is the most desirable as renters seek modern amenities and

locations closer to work, retail and restaurants.

+ Class A properties, therefore, continue to capture the majority of the demand, accounting

for 86% of the net absorption in Q1 2020.

+ Rents in communities completed since 2015 average $1.50 PSF, reflecting a 12% premium

over all other Class A units.

+ As demographics continue to shift westward, there will be additional multifamily demand

near retail and entertainment centers.

KATY FREEWAY/WEST MULTIFAMILY - Q1 2020

# OF PROPERTIES UNITS LEASED


(2019)


(2018)

AVERAGE RENTAL RATE

(PSF)Houston 2,875 682,1109 90.3% 1,572 12,572 $1.22Katy Freeway/West 118 35,130 90.4% 123 1,227 $1.19Katy Freeway/West - Class A 37 12,289 90.9% 106 819 $1.34

Source: CoStarNote: Includes communities with at least 50 units

69%

31%


KATY FREEWAY/WEST MULTIFAMILY - OCCUPANCY & RENT TRENDS

KATY FREEWAY/WEST MULTIFAMILY - SUPPLY & DEMAND TRENDS

Construction Activity

+ 12,653 multifamily units were delivered in 2019 and 6,468 units were delivered

in Q1 2020.

+ Another 2,490 units remained under construction and more than 15,318 units

are proposed.

Single-Family Market Overview

According to the Houston Association of Realtors, the median price for single-

family homes reached the highest level ever for an April, climbing 2.4% to

$251,000 in April 2020. The average price remained flat at $310,331. Sales of all

property types totaled 7,192 and $2.1 billion, down 21.6% from April 2019. Despite

the slowdown in April, year-to-date sales were still 1.4 % ahead of last year’s level

and both the median and average prices remained stable month-over-month.

In April 2020, leases of single-family homes fell 4.1% year over year, while

townhome and condominium leases decreased 9.5%. Average rent for single-

family homes also dipped, down by 1.7% to $1,765 while the average rent for

townhomes and condos was down by 1.2% to $1,565.

Source: Houston Business Journal

Source: CoStar

Source: CoStar

60%

65%

70%

75%

80%

85%

90%

95%

$0.4 0

$0.55

$0.70

$0.85

$1.00

$1.15

$1.30

$1.45

2007 2008 2009 2010 201 1 2012 2013 2014 2015 2016 2017 2018 2019 Q12020Class A Rents (PSF) Class A Leased

4,600 UNITS DELIVERED

60%

65%

70%

75%

80%

85%

90%

95%

(1,200)

(600)

0

600

1,200

1,800

2,4 00

3,000

2007 2008 2009 2010 201 1 2012 2013 2014 2015 2016 2017 2018 2019 Q12020

Absorption (Units) Deliveries (Units) Class A Leased

4,600 UNITS DELIVERED

Source: CoStar

4,

4, ED

ED

Class A Rents (PSF) Class A Leased

Absorption (Units) Class A LeasedDeliveries (Units)


HYATT PLACE

Houston Hotel Market

+ Houston’s hotel market comprises 94,944 rooms, with 15,793 in the development pipeline, of which

4,943 are currently under construction.

+ The average daily rate is forecasted to decline in 2020, hitting $75.07, which is a $26.50 drop from 2019.

+ Houston occupancy is expected to decrease to 41.3% in 2020, a 34.4% drop from 2019.

+ Looking towards 2020, Houston RevPAR is expected to decline by 51.5%

Source: CBRE Hotels Research, STR, Q1 2020.

Katy Freeway/West Submarket

+ With 13,540 rooms, Katy Freeway/West is the second-largest submarket, accounting for 14% of total

Houston hotel inventory.

+ Demand is largely supported by business travelers. As Houston sees additional employment gains,

increased hotel occupancy will follow.

+ Through the recent downturn, upper-priced hotels posted less significant losses in average daily rates

than lower-priced hotels.

+ RevPAR for upper-priced hotels declined 3.2% in 2019 vs a 9.3% decline among lower-priced hotels.


HOTEL MARKET OVERVIEW+ Houston’s Katy Freeway / West hotel submarket primarily

consists of properties located along the Katy Freeway (I-10)

west of the Interstate 610 loop.

+ It also includes hotels in the West Houston city of Katy.

KATY FREEWAY/WEST HOTEL INVENTORY

UpperPrice

LowerPrice

Source: Hotel Horizons December 2019 - February 2020 Edition

KATY FREEWAY/WEST HOTEL STATISTICS – MID-YEAR 2019

INVENTORY

OCCUPANCY

UNDER CONSTRUCTION

(ROOMS)AVERAGE

DAILY RATE REVPARPROPERTIES ROOMS

Houston 986 94944 54.8% 4943 99.26 54.37

Katy Freeway West 119 13540 55.5% 484 88.64 49.18

Source: STR, Dodge, CBRE Hotels Research, Q1 2020.

48%

52%


KATY FREEWAY/WEST | HOTEL OCCUPANCY TRENDS

KATY FREEWAY/WEST | HOTEL REVPAR TRENDS

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

2012 2013 2014 2015 2016 2017 2018 3Q2019

Overall Submarket Submarket - Upper-Priced Submarket - Lower-Priced

COURTYARD BY MARRIOTT

SHERATON HOUSTON WEST

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

2015 2016 2017 2018 2019 Q1 2020 YTD

Katy Freeway/West Hotel | Occupancy Trends


Construction Activity

+ At least 13 hotels are in the planning or construction phases: 2 upper-priced

hotels containing 432 rooms, 10 lower-priced hotels containing 835 rooms,

and an independent hotel containing 30 rooms, for a total of 1,297 rooms.


55%

60%

65%

70%

75%

2012 2013 2014 2015 2016 2017 2018 3Q2019




2015

2017

2016

2019

2018

Q1 - 2

020

70%

68%

66%

64%

62%

58%

56%

54%

52%

50%

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

2015 2016 2017 2018 2019 Q1 2020 YTD

Katy Freeway/West Hotel | RevPar Trends

Overall Submarket Submarket - Upper-Priced Submarket - Lower-Priced2015

2017

2016

2019

2018

Q1 - 2

020

$120

$100

$80

$60

$40

$20

$0


RETAIL MARKET OVERVIEW+ The Katy Freeway/West Houston retail submarket is centered on I-10 and includes properties located

between Beltway 8 (to the east) and Greenhouse Road (to the west).

+ The submarket is generally bound by Westpark Tollway to the south and Clay Road to the north.

Houston Retail Market

+ Fundamentals remain strong across Houston with continued positive net absorption and single-

digit vacancy.

+ 2020 fundamentals include a leased rate of 94.2%, over three hundred million square feet of net

absorption and average rents that remain near all-time highs.

+ A conservative construction cycle has competitively positioned retail landlords over the near term.

+ Within Houston’s “Inner Loop”, new retail space is largely driven by new mixed-use centers, which

include both new construction and redevelopment of existing buildings.

Katy Freeway/West Houston Submarket

+ Matching the strong fundamentals of the greater Houston retail market, the Katy Freeway/West

Houston submarket is 91.7% leased.

+ Rents for properties built after 2000 average $21.45 PSF (NNN) while the highest-quality properties

command rents of $36.00 PSF (NNN).

+ While the Katy Freeway/West Houston retail supply remains relatively constrained at 12.8 million

square feet, the adjacent city of Katy has another 16.0 million square feet of retail space.

+ Also on the periphery of the Energy Corridor, recent demand for retail has been spurred by the

expanding population and new master-planned communities along the Grand Parkway corridor.

+ Epicenters of retail activity to the east and west include the Memorial City, CityCentre and Town &

Country lifestyle developments and Katy Mills Mall.

+ The 1.7 million-square-foot Memorial City Mall is set for a major makeover with more public spaces,

greater walkability and best-in-class retail, restaurants and entertainment.

Source: CoStar

BEFOREBEFORE20002000

AFTER AFTER 20002000

45%45%

55%55%

KATY FREEWAY/WEST HOUSTON RETAIL INVENTORY


KATY FREEWAY/WEST HOUSTON RETAIL STATISTICS – YTD 2019# OF

PROPERTIES EXISTING SF LEASEDTOTAL NET ABSORPTION

(2019)TOTAL NET

ABSORPTION (2018)AVERAGE ASKING

RENTS (NNN)Houston 8,419 307,586,118 94.20% 3330112 843,709 $27.39

Katy Freeway/West 339 12,853,058 91.7% 150,415 -42,110 $17.23

Katy Freeway/West - Since 2000 146 4,022,240 89.80% 72,497 -16,682 $22.07

Source: CoStar, CBRE Research

KATY FREEWAY/WEST HOUSTON RETAILSUPPLY & DEMAND TRENDS

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YE-2019

Total Deliveries (SF) Total Net Absorption (SF) Leased

Source: CoStar

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0

(1,000,000)

(2,000,000)

(3,000,000)

100%

95%

90%

85%

80%

75%

70%

65%

60%

55%

50%

2009

2008

2011

2010

2013

2012

2015

2014

2017

2016

2019

2018

Q1 - 2

020

2007

2006


HEALTHCARE PRESENCEMany of Houston’s largest hospitals have recently

established and/or expanded their presence in the Energy

Corridor, adding critical healthcare services to the rapidly

growing area. The three institutions profiled have invested

over $875 million along a 4.5-mile stretch of I-10.

Texas Children’s Hospital – West Campus

+ Texas Children’s was the first major hospital to establish a presence

in the Energy Corridor.

+ Completed in 2010, the first suburban hospital dedicated to children

is located at the northwest corner of I-10 and Barker Cypress Road.

+ The more than 550,000-square-foot facility is located on 55 acres

with two operating rooms and 48 patient beds.

+ The West Campus includes 26 beds in a dedicated pediatric

emergency center available 24/7.

+ Several projects initiated in 2015 totaled $50 million and enhanced

on-site services.

TEXAS CHILDREN’S HOSPITAL - WEST CAMPUS

TEXAS CHILDREN’S HOSPITAL


Houston Methodist – West Hospital

+ Methodist System’s fifth hospital in Houston serves patients

from West Houston, Katy and surrounding communities.

+ Expansions totaling $170 million were recently completed at the

campus, which offers nearly 200 beds and is located west of

Texas Children’s West Campus along I-10.

+ The project included a new six-story building with additional

hospital beds, operating rooms, more space for imagining, an

expanded emergency department, and a new parking garage.

+ The campus is adjacent to Texas Children’s campus. It includes

hospitals completed in 2010 and 2017 along with several medical

office buildings.

MD Anderson - West Houston

+ Part of the renowned University of Texas MD Anderson Cancer

Center network. MD Anderson’s West Houston campus serves

residents in Katy and across the Energy Corridor and Memorial.

+ A new 260,000-square-foot medical office building was completed

in 2019. In addition to this $78-million facility, MD Anderson leases

38,000 square feet in the Energy Corridor for its diagnostic and

imaging center.

+ The new facility is located on more than 20 acres along the north

side of I-10 just one mile west of the West Houston Campus.

MD ANDERSON - WEST HOUSTON

HOUSTON METHODIST - WEST HOSPITAL


DIRECT ACCESS TO HOUSTON’S PRIMARY THOROUGHFARESEnergy Corridor businesses and residents benefit from superior regional access to Houston’s well-developed transportation network.

Strategically positioned along the Katy Freeway (I-10), this convenient location reduces commute times and puts more productive

hours in each day.

+ The stretch from downtown Houston to its western suburb of Katy has up to 26 lanes at Beltway 8 and is one of the widest freeways in the world.

+ Approximately 300,000 vehicles daily traverse I-10 (Katy Freeway) near the West Houston Campus.

+ Also known as Beltway 8, it forms an 88-mile loop around Houston.

+ Provides access to the Westchase District to the south and the expanding communities to the northwest.

+ Links the Energy Corridor to George Bush Intercontinental Airport and Houston Hobby Airport.

+ Traverses north-south through the western portion of the Energy Corridor.

+ Connects US-290 and SH 249 in Northwest Houston and major thoroughfares including Memorial Drive, Westheimer Road and the Westpark Tollway to the south.

+ Will become Houston’s third outer loop highway and the longest beltway in the U.S. when complete.

+ Has significantly enhanced access between the Energy Corridor and Northwest Houston.

+ Limited-access toll road that originates one block west of Interstate Loop 610 in the Galleria and traverses 20 miles to the west to Grand Parkway (SH 99).

+ Along its route, this east-west corridor connects SH 6, Beltway 8, US-59, and the Galleria area.

+ George Bush Intercontinental Airport: One of the world’s busiest airports serving 43.5 million passengers each year. Easily accessible from the Energy Corridor.

+ Houston Hobby Airport: Primarily served by low-cost air carriers with over 55 domestic and international destinations transporting 14.5 million passengers annually.

+ METRO: Offers four METRO bus stops along North Dairy Ashford Road (just steps from the Property), and the Addicks Park & Ride lot is less than two miles to the west.

+ Addicks Park & Ride lot planned to become the new Energy Corridor Transit Center with a circulator connecting all major Energy Corridor campuses.


99

99 SUGAR LANDMISSOURI CITY

BELLAIRE

CBDMEMORIAL VILLAGESENERGY

CORRIDOR GALENAPARK

MISSIONBEND

JERSEY VILLAGE

CYPRESS

CINCO RANCH

RICHMOND

PEARLAND

BROOKSIDEVILLAGE

ALDINE

HUMBLE

KATY

5 MILES

10 MILES

15 MILES

610

610

1010

86

6

8

8

69

69

59

59

45

45

290

290

249

HOUSTON

4

1

9

72

510

8

15

16

13

17

6

3

12

14

11

WEST HOUSTON CAMPUS: DRIVE TIMES AND DISTANCES

LOCATION DISTANCE TIME

1 State Hwy 6 2.0 5.0

2 Beltway 8 3.5 13.0

3 Westpark Tollway 5.9 15.0

4 West Houston Airport 6.6 13.0

5 Westchase District 6.8 15.0

6 US-290 8.9 19.0

7 Grand Parkway 10.2 12.0

8 I-610 10.8 16.0

9 US-59 11.2 19.0

10 Galleria 11.7 25.0

11 Sugar Land 13.2 25.0

12 Katy 13.5 16.0

13 State Hwy 249 15.0 34.0

14 Cypress 16.6 27.0

15 Texas Medical Center 19.2 35.0

16 Houston Hobby Airport 32.0 41.0

17 George Bush Intercontinental Airport 32.9 36.0



PLANNED TRANSPORTATION IMPROVEMENTS+ In 2015, it was announced that plans will transform the nearby Addicks Park & Ride facility

into the Energy Corridor Transit Center — a high-capacity, multi-modal transit hub for

West Houston.

+ The Energy Corridor Transit Center will include a central “Main Street” bisecting the

current site.

+ The new Main Street will serve as a primary frontage street for substantial new mixed-use

development with parking garages replacing existing surface spaces.

+ Development concepts for the Energy Corridor Transit Center include residential, office

and hospitality uses, with supporting retail and restaurants.

+ It will serve as both a connection point and a destination within the Energy Corridor.

+ Plans also call for an Energy Corridor Circulator — a bidirectional trolley bus providing

frequent transit service to and from major destinations across the Energy Corridor.

+ These plans will result in greater connectivity and convenience across the Energy Corridor

and West Houston.

6

10 KATY FREEWAY

ADDICKS PARK & RIDE

LOT

N E

LDR

IDG

E P

KW

Y

MEMORIAL DRIVE

PARK ROW DRIVE

DA

IRY

AS

HF

OR

D R

D

N DAIRY ASHFORD RD



The Energy Corridor Transit Center

The Energy Corridor Transit Center and accompanying development will serve as both a

connection point and a destination for the District. By enhancing service opportunities at this

critical junction along I-10, residents and employees of The Energy Corridor will experience

increased mobility within the District, the City of Houston, and the region at large.


GALLERIA/UPTOWN

WESTCHASE

CBDRIVEROAKS

KATY

MEMORIALVILLAGES

CONROE



EllingtonAirport

EXCEPTIONAL POPULATION GROWTH

Affluent Demographics

+ Situated at the heart of Houston’s primary growth corridor.

+ Features many of Houston’s most desirable residential neighborhoods and some of

the state’s highest ranked schools.

+ An educated, skilled workforce is attractive to employees in specialized industries

such as energy, technology, engineering, finance and healthcare

+ Upscale residential offerings include single-family homes in gated communities,

modern lofts and luxury apartments. High-quality, more affordable residential

options within the area satisfy a wide range of lifestyles and budgets.

+ The newest upscale, mid-rise apartment communities exemplify a trend of higher

density and amenity-rich properties to address demand from higher-income renters.

+ Neighborhoods boast proximity to a prestigious commercial district with world-

class amenities and lush green parks that continue to attract homebuyers and

businesses alike.



STRONG DEMOGRAPHICSWEST HOUSTON CAMPUS

3-MI RADIUS

5-MI RADIUS

10-MI RADIUS

MEMORIAL VILLAGES

KATY ISD

HOUSTON MSA

POPULATION

2019 Estimated Population 78,585 264,779 1,525,353 21,532 373,232 7,154,526

2024 Projected Population 86,542 285,580 1,642,106 22,938 442,585 7,854,337

Annual Growth Rate (2010-2019) 2.3% 1.7% 1.5% 1.3% 4.5% 2.1%

Total Growth Rate (2000-2019) 42.3% 33.9% 43.6% 12.7% 177.1% 52.4%

Total Growth Rate (2010-2019) 23.5% 16.3% 15.0% 12.2% 49.7% 20.8%

BUSINESSES & WORKFORCE

Number of Businesses 4,688 14,831 69,520 1,714 10,866 255,362

2019 Employees (Daytime Population) 60,476 193,358 734,018 12,580 118,082 3,062,991

2019 Labor Force (Residents) 42,836 147,783 822,204 9,929 191,962 3,639,128

INCOME & HOUSING

2019 Average HH Income $126,203 $108,734 $91,050 $266,787 $131,603 $95,264

2019 Median HH Income $82,958 $70,012 $59,525 $200,001 $101,936 $65,606

2019 Per Capita Income $53,989 $43,591 $32,135 $93,403 $42,460 $33,020

2019 Median Housing Value $381,069 $308,707 $212,166 $1,186,937 $281,797 $216,690

2019 Average Housing Value $450,309 $395,931 $319,331 $1,293,783 $327,678 $287,871

EDUCATIONAL ATTAINMENT

Associate’s Degree 6.8% 7% 6.5% 2.2% 8.1% 7.2%

Bachelor’s Degree 36.6% 30% 23.7% 40.1% 31.1% 21.3%

Graduate or Professional Degree 23.3% 19% 12.6% 40.9% 17.8% 12.1%

Totals 66.7% 55.5% 42.8% 83.2% 57.0% 40.6%Source: CBRE FastReport

Over the past two decades, as the population to the west and northwest has expanded exponentially, Houston’s geographic center has shifted toward the West Houston Campus — placing it at the heart

of the new Houston workforce.


FIRST-CLASS AMENITIES + Many employers and residents of the Energy Corridor are drawn to the area

for its suburban conveniences that are just minutes away from their office or

residence.

+ Convenient neighborhood shopping is a hallmark of the Energy Corridor, where

numerous retailers provide both business and professional services.

+ Residents and employees enjoy the Energy Corridor’s more than 60 distinct

dining experiences, ranging from world-class cuisine to family-friendly dining.

+ The Energy Corridor offers an abundance of name-brand hotel accommodations

that include Hilton, Marriott, Omni, Sheraton, and Wyndham.

Urban Parks and Recreation+ Extensive public parks, greenbelts and trails attract both businesses and residents to the area.

+ Includes 26,000 acres of urban park area and over 50 miles of recreational trails that connect

residences, amenities and businesses.

+ The Energy Corridor District was selected by the National Park Service’s Rivers,

Trails and Conservation Assistance Program to receive planning assistance for

the West Houston Trail Systems.

+ Through this partnership, the National Park Service and the Energy Corridor

District will continue to develop and improve trails throughout the area.

+ In addition to its abundant parks, other recreational activities abound with public

and private golf courses, country clubs, tennis centers.

OMNI HOUSTON

TERRY HERSHEY PARK GEORGE BUSH PARK

Terry Hershey Park+ 12.5-Mile network of walking and biking trails along

Buffalo Bayou, on the south side of I-10, from the

Barker Dam on the west to Beltway 8 on the east.

+ Just one-half mile west of the West Houston

Campus, the trail extends to the north, under

I-10, and continues along Addicks Dam where it

branches into two segments.

+ One of the branches runs east to North Eldridge

Parkway (at the West Houston Campus) while the

other traverses west to METRO’s Addicks Park

and Ride Lot.

+ This enables area residents to travel by bicycle

to the park and ride lot or to their jobs in the

networked office buildings — including the West

Houston Campus.

George Bush Park+ Located along the south side of I-10, this

7,800-acre park is among the most popular in

West Houston.

+ It is highly regarded for its sports fields for soccer

and baseball, numerous pavilions, playgrounds,

ponds, and jogging and biking trails.


CITYCENTRE

TOWN & COUNTRY VILLAGE

CityCentre+ One of Houston’s most successful mixed-use developments, CityCentre is located at the

southeast corner of Beltway 8 and the Katy Freeway.

+ This open-air, pedestrian-oriented lifestyle center is located on 37 acres within one of the

wealthiest zip codes in the state.

+ It includes nearly 400,000 square feet of shops, restaurants, and entertainment; a 266-room

Sorella Hotel; and more than 1,000 high-end residential units.

+ Surrounded by European-style, open plazas and impeccably designed green space, the

property is home to a Studio Movie Grill and a 140,000-square-foot LifeTime Fitness Center.

+ Retailers include Anthropologie, Sur la Table and West Elm.

+ Restaurants feature Brio Tuscan Grille, Eddie V’s Prime Seafood, RA Sushi, and Texas

de Brazil.

www.citycentrehouston.com

Destination Retail & Popular Dining

Town & Country Village+ Town & Country Village is an upscale shopping and lifestyle center with more than 75

shops and services located along Beltway 8 at Memorial Drive, just south of CityCentre.

+ It offers upscale luxury brand retailers, stylish boutiques, business, spa and healthcare

services, fine dining and casual eateries.

+ Located among the garden-scaped patios and fountains are retailers such as Ann Taylor,

Barnes & Noble, Pottery Barn, White House Black Market, and Williams-Sonoma.

+ Popular dining includes Café Express, Fleming’s Prime Steakhouse & Wine Bar and

McCormick & Schmick’s.

www.townandcountryvillage.com


Katy Mills Mall+ Just over 12 miles west of the West Houston Campus, Katy Mills is a 1.6 million-square-foot retail and

entertainment destination located on the south side of I-10 just west of Grand Parkway.

+ It features 175 of the best names in retail outlets, off-price retailers and unique specialty stores.

+ Retailers include Abercrombie & Fitch, Banana Republic, Bass Pro Shops, Coach, Foot Locker, Kate

Spade, and Nine West.

+ Other amenities at the mall include a food court, several themed restaurants, a state-of-the-art movie

theater, and several high-quality, family oriented entertainment venues.

www.simon.com/mall/katy-mills

Memorial City Mall+ Five miles east of the West Houston Campus, Memorial City Mall is a 2.7

million-square-foot, super-regional mall located along the south side of

Katy Freeway at Gessner Road just east of Beltway 8 and adjacent to the

Memorial City Hospital complex.

+The mall is considered the epicenter of redevelopments in the Memorial

City area.

+ The mall has more than 150 shops and is anchored by Dillard’s, JCPenney,

Macy’s, Target, and Sears.

+ Memorial City Mall is a retail, entertainment, dining and lifestyle center

hybrid with premier retailers, an NHL regulation-sized ice arena, a Cinemark

Theater, and a 3,600 square-foot children’s play castle.

www.memorialcitymall.com

MEMORIAL CITY MALL

KATY MILLS MALL


SPRINGHILL SUITES


QUALITY HOTEL ACCOMMODATIONS

Within a two-mile radius of the West Houston Campus, there are 15 hotels with more than

2,500 rooms and suites. Some of the most prominent accommodations include the following.

COURTYARD BY MARRIOTT

HOME2 SUITES BY HILTON


H O U S T O N M A R K E T03



56

A GLOBAL MARKETPLACEHouston is firmly established as a premier global city and a leading destination for investment

by all capital sources due to its unique combination of stability and dynamic growth. It is

internationally known as home to NASA’s Johnson Space Center, the Port of Houston, and Texas

Medical Center, the world’s largest medical complex. As a result, Houston combines its position

as the “Energy Capital of the World” with a significant depth in the healthcare, technology,

aerospace, and distribution industries to create an economic composition that serves as a buffer

to national economic trends and provides stability and continued growth.

As the nation’s fourth-largest city and fifth-largest metropolitan area, Houston remains a preferred

location for businesses with a low-cost, low-tax and high-quality corporate environment and

access to one of the nation’s top workforces. Houston has one of the youngest and fastest-growing

populations with new residents attracted by abundant job opportunities, competitive cost of living, and high quality of life.

—Greater Houston Partnership

HOUSTON MARKET LARGEST U.S. METROS

# Metro Area Current Population

1 New York 20,477,969

2 Los Angeles 13,542,894

3 Chicago 9,643,624

4 Dallas/Fort Worth 7,516,037

5 Houston 7,050,107Source: Nielsen


Key HighlightsCentral U.S. Location

Pro-Business Community

Favorable Tax Climate

Wide Array of Economic Development Support & Incentives

Competitive Costs of Doing Business & Living

Critical Mass of Headquarters Regional Hubs

Superior Transportation Network

Sustained Economic & Demographic Growth

High Quality of Life

Favorable Year-Round Climate

Houston Employment+ Industry diversification has mitigated the negative effects of the energy slowdown and

will continue to support job growth.

+ Local job gains in leisure and hospitality, education and health services, and government

are offsetting potential fluctuations in manufacturing, mining, and financial services.

+ The Greater Houston Partnership projects Houston will add 71,000 jobs in 2019, resulting

in more than 600,000 net jobs added over the last 10 years (fourth in the nation).

+ The Partnership also projects a 22% increase in employment for the next decade.

19.8%, Trade, Transportation and Utilities

1.0%, Information

16.2%, Professional andBusiness Services

13.1%, Government12.6%, Education andHealth Services

10.7%, Leisure andHospitality

7.6%, Construction

7.2%, Manufacturing

5.2%, Financial Activities

3.8%, Other Services

2.7%, Mining and Logging

Industry Diversification

Source: Bureau of Labor Statistics

HOUSTON MARKET | 58

HOUSTON’S POPULATION GROWTH

TOP ANNUAL POPULATION GROWTH

PROJECTED POPULATION GROWTH: 2019-2024Rank MSA New Residents

1 Dallas/Fort Worth 702,880

2 Houston 629,980

3 Atlanta 573,600

4 Phoenix 572,220

5 Miami 404,120

Source: Moody’s Analytics

Source: Moody’s Analytics (12 Months through December 2018)

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

Washington, DC

Tampa, FL

Riverside, CA

Austin, TX

Seattle, WA

Orlando, FL

Atlanta, GA

Houston, TX

Phoenix, AZ

Dallas/Fort Worth, TX 131,767

96,268

91,689

75,702

60,045

54,894

53,806

51,934

51,438

49,949

Moody’s projects that Houston will rank third nationwide in population growth over the next five years, adding

345 new residents each day.

IN MIGRATION TO HOUSTON

Source: Greater Houston Partnership

12

2015

11

10

9

8

7

6

5

4

3

2

1

0

2019 2020F 2025F 2030F 2035F

Population (in millions)

2040F

POPULATION FORECAST2020-2040: 55% GROWTH

250+NEW

RESIDENTS DAILY IN 2018

Leading Population Growth ±7.1 MILLION

Current Residents in the Houston MSAFifth-Largest MSA in the U.S.Fourth-Largest City in the U.S.

FASTEST-GROWING METROBetween 2010-2017


PROJECTED EMPLOYMENT GROWTH: 2019-2024Rank MSA New Residents

1 Dallas/Fort Worth 317,350

2 Houston 249,220

3 New York City 160,460

4 Los Angeles 137,880

5 Miami 129,330

Source: Moody’s Analytics

Houston’s Cost Advantages+ Superior reputation as a highly desirable, cost-effective location for both businesses and

their employees.

+ No state or city taxes on personal and corporate income coupled with some of the lowest

housing and living costs within the top 20 major U.S. metros.

+ Central location and superb transportation infrastructure further enhance Houston’s appeal

to local, national and international companies seeking logistical efficiency.

+ Office market rents remain among the most competitive of major U.S. cities.

HOUSTON MARKET | 60

Houston-Area Based Fortune 500

#357

#383

#272

#94

#23

#330 #352

#283

#167#127

#54

#302

#181 #213

#86

#411 #456

#299

#276#224

#89

Source: Fortune.com, 2019

Preferred Corporate LocationThe Houston metro and the State of Texas are consistently

recognized by Site Selection Magazine among the top

destinations for corporate location, relocation and expansion.

Corporate executives scouting new locations most frequently

cite taxes, regulations, the legal environment, and a skilled

workforce as their top criteria.

Widely regarded as a business-friendly destination for

Corporate America, the Houston metro is home to 21 Fortune

500 company headquarters.


#1TOP DESTINATION CITY - NINTH CONSECUTIVE YEAR — U-HAUL International—May 2019

BEST U.S. CITY FOR EX-PATS — InterNations—November 2018

NATION’S BEST CITIES FOR MILLENNIALS — The Langston Co—April 2019

TOP METRO FOR ECONOMIC GROWTH POTENTIAL— Business Facilities Magazine—July 2019

MOST DIVERSE CITY IN THE U.S.— WalletHub—April 2019

BEST SEAPORT IN NORTH AMERICA— Asia Cargo News—May 2018

TOP METROS WHERE YOUNG ADULTS ARE MOVING— The Brookings Institution—April 2019

TOP METROS FOR JOB GROWTH — U.S. Bureau of Labor Statistics—November 2018

BEST QUALITY OF LIFE - RICE UNIVERSITY— Princeton Review—August 2018

TOP HOUSING MARKETS FOR NEW HOMES— MetroStudy—April 2018

LEAST EXPENSIVE REAL ESTATE MARKETS— Property Shark—July 2018

COST OF LIVING IN TOP U.S. CITIES HIRING FOR JOBS— Refinery29—July 2018

BEST U.S. METRO AREA FOR STEM WORKERS— American Enterprise Institute’s Housing Center—May 2019

TOP EMERGING LIFE SCIENCES CLUSTER— CBRE—March 2019#2

NATIONAL RECOGNITION

HOUSTON MARKET | 62

HOUSTON OFFICE MARKET SNAPSHOT | YTD 2019

QUALITY#

BUILDINGSINVENTORY

SFTOTAL

VACANT SF % LEASED

% SUBLEASE AVAILABLE


(Q1 -2020)


(2019)


(2018)

DIRECT ASKING

RENTS (FS)Class A 346 116,460,166 20,776,560 82.2 3,679,318 -580,914 28371 74443 35.98

Class B 562 72,384,435 17,453,993 75.9 1,199,653 78,706 -511232 -1233790 23.2

Class C 355 24,308,055 4,437,656 81.7 85,328 -74,515 -28797 19261 17.4

Totals 1263 213,152,656 42,668,209 239.8 4,964,299 -576,723 -511658 -1140086 76.58


Houston Office Market Inventory & Construction Activity+ The Houston office market is the sixth-largest in the U.S.

+ Comprised of 213 million square feet, 55% of which is high-quality Class A space.

+ Deliveries have yielded nearly 3 million sq. ft. of new inventory since 2018.

+ Ongoing construction exceeds 3.5 million square feet, 54% of which was pre-leased at the close of Q1 2020.

- Construction activity is concentrated in the CBD and Katy Freeway submarkets, with six buildings totaling nearly 2.5 million square feet

underway.

- As it remains attractive to out-of-town businesses and both job and population growth continues, Houston’s long-term outlook remains

positive.

Resilient Market Fundamentals+ Despite recent headwinds, Houston’s market performance remains favorable, with overall leased rate of 80.0% and average asking rents

at $28.82 per square foot (gross).

+ Sublease space decreased by almost 1.6 million sq. ft. from the prior quarter, coming in at 4.96 million sq. ft. Almost half of the change

was withdrawn by a single tenant and the other half was leased during the quarter.

+ While rent growth has been flat over the last two years, Class A growth since 2008 still averages 2.0% annually.

+ A slowdown in the development pipeline should allow the market’s occupancy rate to stabilize and net absorption to move more quickly

toward positive territory.


SUPPLY & DEMAND TRENDS

RENT & OCCUPANCY TRENDS

HOUSTON OFFICE MARKET | KEY POINTS: + Houston’s office market is the sixth-largest in the U.S.

+ 50% of the market is comprised of high-quality, Class A space

+ National leader in direct net absorption from 2011 through 2014,

second-highest in 2015

+ Historically strong Class A fundamentals include:

- 15-Year average leased rate: 88.4%

- 15-Year average annual absorption: 2.8 MSF

- 15-Year average annual rent growth: 3.5%


2009

2008

2011

2010

2013

2012

2015

2014

2017

2016

2019

2018

Q1 - 2

020

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

0

(2,000,000)

(4,000,000)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

TOTAL NET ABSORPTION RBA DELIVERED CLASS A OCCUPIED

TO

TA

L N

ET

AB

SO

RP

TIO

N (

SF

)

2009

2008

2011

2010

2013

2012

2015

2014

2017

2016

2019

2018

Q1 - 2

020


CLASS A ASKING RENTS CLASS A OCCUPIED

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

AV

ER

AG

E A

SK

ING

RE

NT

(P

SF

)

$45

$40

$35

$30

$25

$20

$15

$10

$5

$0

% O

CC

UP

IED

HOUSTON MARKET | 64

GEORGE BUSH INTERCONTINENTAL AIRPORT

Exceptional Transportation Network Houston is well-served by a system of radial and ring highways that provide excellent

access to markets outside the region. Houston’s central U.S. location places it equidistant

from the nation’s major population centers — New York (1,631 miles) and Los Angeles

(1,550 miles). Positioned at the crossroads of Interstates 10 and 45, Houston also has

a world-class airport system and is home to the 10th largest port in the world.

Houston Airport System+ One of North America’s largest public airport systems, positioning Houston as a

key international gateway city.

+ Comprised of George Bush Intercontinental Airport, William P. Hobby Airport, and

Ellington Airport.

+ Supports over 230,000 regional jobs and has an annual economic impact of

approximately $27.5 billion.

+ Passenger traffic numbers in 2018 totaling nearly 60 million passengers (excluding

Ellington Airport).

+ When combined, IAH & HOU passengers totals rank as nation’s fifth-busiest airport.

George Bush Intercontinental Airport+ Tenth-busiest airport in the nation in passenger numbers serving nearly 44 million

passengers each year.

+ Continues to report record growth in international traffic.

+ Hub for United Airlines, ranking second largest in the U.S. with scheduled non-

stop domestic and international service (over 185 non-stop destinations).

+ Offers service to more destinations in Mexico than any other airport in the U.S.

+ Daily flights to major cities in Europe, Mexico, Latin America, Canada, Asia, Australia

and Africa.


William P. Hobby Airport+ Houston’s oldest commercial airport and home to predominantly

low-cost air carriers.

+ Serves more than 55 domestic and international destinations.

+ Served by American, Delta, JetBlue and Southwest Airlines.

+ Supports over 52,000 regional jobs and has an annual economic

impact of approximately $4.4 billion.

+ Posted a record-setting 14.5 million passengers served in 2018.

PORT OF HOUSTON+ $339 Billion economic impact on Texas (21% of Texas GDP) and $801.9 Billion

across the nation.

+ Creates 1.35 million jobs in Texas and 3.2 million jobs nationwide.

+ Ranked 1st in imports and 2nd in total tonnage.

+ Ranked 10th largest port in the world.

+ Ranked 1st in U.S. foreign tonnage.

+ Improvements of $700 million planned over the next 10 years.

HOUSTON MARKET | 66



AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries

and related entities (each an “Affiliate”) engaging in a broad range of

commercial real estate businesses including, but not limited to, brokerage

services, property and facilities management, valuation, investment fund

management and development. At times different Affiliates, including CBRE

Global Investors, Inc. or Trammell Crow Company, may have or represent clients

who have competing interests in the same transaction. For example, Affiliates

or their clients may have or express an interest in the property described in

this Memorandum (the “Property”), and may be the successful bidder for the

Property. Your receipt of this Memorandum constitutes your acknowledgment

of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate

has an obligation to disclose to you such Affiliates’ interest or involvement in

the sale or purchase of the Property. In all instances, however, CBRE, Inc. and

its Affiliates will act in the best interest of their respective client(s), at arms’

length, not in concert, or in a manner detrimental to any third party. CBRE, Inc.

and its Affiliates will conduct their respective businesses in a manner consistent

with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgment that (i)

it is a confidential Memorandum solely for your limited use and benefit in

determining whether you desire to express further interest in the acquisition

of the Property, (ii) you will hold it in the strictest confidence, (iii) you will

not disclose it or its contents to any third party without the prior written

authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv)

you will not use any part of this Memorandum in any manner detrimental to

the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no

further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and

the Owner, and does not purport to be all-inclusive or contain all or part of the

information which prospective investors may require to evaluate a purchase

of the Property. The information contained in this Memorandum has been

obtained from sources believed to be reliable, but has not been verified for

accuracy, completeness, or fitness for any particular purpose. All information

is presented “as is” without representation or warranty of any kind. Such

information includes estimates based on forward-looking assumptions relating

to the general economy, market conditions, competition and other factors

which are subject to uncertainty and may not represent the current or future

performance of the Property. All references to acreages, square footages,

and other measurements are approximations. This Memorandum describes

certain documents, including leases and other materials, in summary form.

These summaries may not be complete nor accurate descriptions of the full

agreements referenced. Additional information and an opportunity to inspect

the Property may be made available to qualified prospective purchasers.

You are advised to independently verify the accuracy and completeness of

all summaries and information contained herein, to consult with independent

legal and financial advisors, and carefully investigate the economics of this

transaction and Property’s suitability for your needs.

ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM

IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any

or all expressions of interest or offers to purchase the Property, and/or to

terminate discussions at any time with or without notice to you. All offers,

counteroffers, and negotiations shall be non-binding and neither CBRE, Inc.

nor the Owner shall have any legal commitment or obligation except as set

forth in a fully executed, definitive purchase and sale agreement delivered by

the Owner.

ADDITIONAL CONTACTS

PRIMARY CONTACTS

DEBT & STRUCTURED FINANCE

JARED CHUASenior Vice President+1 [email protected]

BRANDON CLARKEExecutive Vice President+1 [email protected]

STEVE HESSEVice Chairman+1 [email protected]

NOLAN MAINGUYSenior Associate+1 [email protected]

JOHN FENOGLIOExecutive Vice President+1 [email protected]

JEFF STEINSenior Vice President+1 [email protected]

For additional information regarding this opportunity, please visit the property website at www.westhoustoncampus2020.com.


© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.

Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

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