The properties' owner has pumped the complex with a $80 million renovation.
By Janet Miranda
After pumping $80 million into renovating the former ExxonMobil campus in Greenspoint, a real estate company is auctioning off two vacant office buildings in the complex.
Dallas-based Lincoln Property Co. CityNorth 1 and CityNorth 6 will auction off the properties beginning Feb. 10 to Feb. 12. The first of the buildings, City North, a 12-story 254,000 square-foot building has a $1.85 starting bid while CityNorth 6 has a bid of $2.6 million.
The two buildings were first slated to be auctioned off last month and nearby CityNorth 5 was set to be auctioned last September, reported BisNow. It seems that since then plans have changed with CityNorth 5 no longer on the market with the other properties.
Lincoln Property bought the former Exxon campus in 2019. The developers spent two years pouring money into upgrades to the six-office building campus, per a report by the Dallas Business Journal. Efforts also focused on getting the word out that Greenspoint was safe, despite the area's high crime rate which had earned it a reputation as a dangerous neighborhood.
The new amenities added by the developer include a new fitness center, a 10,000-square-foot conference center and a 6,000-square-foot entertainment facility with a golf simulator.
Despite the push to the auction block, David Carter, a principal director and executive vice president at Colliers and broker for the properties, wasn't too sure the properties would be sold at auction this month, per the same BisNow report.
"We have a lot of people interested in them, just not a lot of people willing to bid on them," he said.
Houston's office market vacancy rate was still high reaching, 25.7 percent, according to the Greater Houston Partnership, per The Real Deal.
https://www.chron.com/news/article/exxon-building-auction-20065694.php