Patrinely, USAA Sell 2 Houston Office Assets

City Place urban core. Image courtesy of Mabry Campbell

CDC Houston, a subsidiary of Coventry Development Corp., has acquired the full ownership interest in City Place 1 and City Place 2, two office buildings in Spring, Texas, from the US Office Development Program, a real estate fund co-managed by Patrinely Group and USAA Real Estate.

CDC developed the assets together with Patrinely Group and USAA Real Estate. The LEED Silver-certified buildings, totaling some 477,000 square feet, are part of the 2,000-acre City Place master-planned development formerly known as Springwoods Village.

At full build-out, City Place will encompass more than 14 million square feet of commercial space, 750,000 square feet of retail and entertainment space and 5,000 multifamily units, as well as 290 acres of parks and trails.

Situated at the intersection of the Grand Parkway, Hardy Toll Road and Interstate 45, City Place is home to several Fortune 500 companies such as ExxonMobil, Southwest Energy, St. Luke’s Health. Hewlett Packard Enterprise relocated to the master-planned community last spring, after selling its 2 million-square-foot campus to an affiliate of Mexcor.

Two City Place office assets

City Place 1 was built in 2019 at 1700 City Plaza Drive as the first multi-tenant office asset in City Place’s urban downtown. The five-story, 149,600-square-foot building features 26,900 square feet of retail space, according to CommercialEdge data.

Completed in 2018 at 1701 City Plaza Drive, the neighboring City Place 2 is fully occupied by the American Bureau of Shipping. The 10-story property comprises 326,800 square feet of office space and 23,700 square feet of ground-floor retail.

Tenants at City Place 1 and 2 are in proximity to numerous dining, entertainment and retail options. Trails throughout City Place connect to various amenities, including a 24-hour sport club and a 150-acre nature preserve.