Developer buys ex-Houston HQ of ConocoPhillips for $7M under market value

A local developer bought the former Houston headquarters of ConocoPhillips for $25 million, $7 million below its market value.

Midway bought the 63-acre campus at I-10 and Eldridge in the Energy Corridor from Howard Hughes Corp., the Houston Business Journal reported, citing a Securities and Exchange Commission. Midway, known for developments such as CityCentre in west Houston and downtown’s East River, said it plans “a sustainable environment, connecting and energizing the area through innovative design.”

Hughes bought the 1.4 million-square-foot campus in December 2019 as part of a $565 million deal less than a year after its $55 billion acquisition of Anadarko. At the time, then-CFO Cedric Burgher said the campus wasn’t big enough for the combined company and would be sold.

Hughes previously announced plans in October 2019 to shed $2 billion of assets to help refocus on its core master-planned community business. Since the fourth quarter of 2019, the company has sold 13 non-core assets, including three hotels in The Woodlands, generating about $401 million of net proceeds after repaying debt repayment, according to the SEC filing.

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[Houston Business Journal] – Maddy Sperling