One of Houston’s largest public companies has put its former headquarters campus on the sublease market.
NOV Inc. listed the 337,000-square-foot Parkwood Campus, near the corner of Parkwood Circle Drive and Beechnut Street in southwest Houston, the Houston Business Journal reported. The campus encompasses 7909 Parkwood Circle, 9724 Beechnut Street and 9720 Beechnut Street.
CBRE’s Lucian Bukowski and Abby Alford are marketing the listing on behalf of NOV, a provider of oil and gas drilling equipment and related services. The company, led by CEO Clay C. Williams, has downsized its operations in a move to the Millennium Tower II at 10353 Richmond Street in Westchase. It had occupied the Parkwood Campus since 2006.
The largest of the three buildings is 7909 Parkwood, which spans almost 197,000 square feet. The other two buildings total about 144,000 square feet. All of them were built in the early 1980s.
The campus features various amenities, but the ones listed — on-site delis, a backup generator and a fenced perimeter — pale in comparison to newly built or renovated office properties.
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In Houston’s Energy Corridor, for instance, many of the buildings have fitness centers, restaurants, upgraded lobbies and conference rooms, sports courts and green space. The slew of leases signed in the Energy Corridor this year have helped the amount of available sublease in the city drop from 6.3 million to 1.6 million square feet since the first quarter of 2023, the outlet reported.
NOV first announced its plans to move to the Millennium Tower in 2014, roughly a year before it was completed. The company has since gradually relocated its workforce to other facilities in Houston, highlighting its lack of need for Parkwood Campus.
—Quinn Donoghue