HP Selling 2 Million Square Feet of Office Space in Hot Houston Market
Hewlett Packard is completing the last of the cost reductions of it’s Compaq Computer acquisition by selling 2 million square feet of office space in it’s Northwest Harris County complex. While their will be no reduction in work force, the property is being under utilized and Houston is still a hot market.
The high cost of gasoline has spurred the Oil Industry and Houston is the epicenter. Add to that the migration of many businesses from New Orleans you have a market that has remained hot even while most of the country cools off.
So for HP selling the Houston property makes sense. No use holding it and trying to sell when oil is 30 dollars a barrel and the area is depressed.
The company is following through with a cost-reduction plan announced two years ago to consolidate real estate holdings into “core sites in key locations” around the world, give up some leased space and close sites it owns.
The space, 2.09 million square feet, is part of HP’s north campus.
The sale includes nine buildings, four parking garages and a common area building.
HP also is selling about 20 acres of undeveloped land and another 5.4-acre site that could be redeveloped at its Harris County campus. via the Houston Chronicle.
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