Big Sky Medical Acquires Texas Life Science Facility

The Westinghouse Building. Image courtesy of Oldham Goodwin

In the state’s largest life science real estate transaction this year, Big Sky Medical has acquired the Westinghouse Building at Providence Park in College Station, Texas. The facility was sold by Oldham Goodwin Capital, who had initially purchased the asset in 2016.

The transaction cost was not disclosed; however, CommercialEdge data shows the buyer financed the purchase with a $190 million loan from Capital One. Mike Henderson, vice president of investor relations at Oldham Goodwin, said in prepared remarks that the facility’s sales price yielded a return greater than five times the amount of the original acquisition price.

The 175,752-square-foot Westinghouse Building anchors the 52-acre Providence Park, a mixed-use campus comprising life science, office, manufacturing and retail space. Current tenants at the facility include The Texas A&M Center for Innovation in Advanced Development and Manufacturing, Matica Biotechnology, Lynntech and Zoetis.

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Located at 2501 Earl Rudder Freeway S., the Westinghouse Building is just east of State Highway 6, some 4 miles from Texas A&M University. Originally completed in 1983, the facility was initially intended as an electronic component factory for Westinghouse Electronic Systems Group. In 2016, Oldham Goodwin purchased the facility that had been largely underutilized since closing in 1999, as well as 54 acres of surrounding land. The company redeveloped, managed and leased the asset for six years.

And Oldham Goodwin will continue to manage the asset, as well as other properties that were purchased by Big Sky in the Brazos Valley. The firm still owns some 25 acres in Providence Park, set to be further developed for life science projects.