A fast-growing financial institution in Houston will increase its office footprint by 25,000 square feet when it relocates to a new headquarters later this year.
Texas Bay Credit Union, led by CEO Jesse Gutierrez, is preparing to renovate a 50,000-square-foot office building at 12650 North Featherwood Drive, located about a mile from its current headquarters on Fuqua Street near Clear Lake, the Houston Business Journal reported.
Texas Bay has been headquartered at its current 25,000-square-foot office building since 2008. The credit union had initially planned to expand its footprint much sooner but the expansion was delayed due to the Covid-19 pandemic.
The credit union had also considered building on its existing 7-acre property but ultimately decided to purchase the Featherwood Drive building, a deal that was finalized in 2021.
The new headquarters, designed by Houston-based architect CD Paragon, will undergo renovations before Texas Bay moves in by the second quarter of 2025. Following the move, the credit union plans to remodel its existing Fuqua Street office, with completion targeted for the end of 2026.
In recent years, the credit union has experienced a significant growth spurt, increasing its local holdings by 13 percent to $766.15 million. The new building is meant to house the increased number of employees.
Houston’s office market has faced hard times, with leasing activity significantly down from prepandemic levels. The city’s central business district has struggled in particular, with many buildings battling high vacancy and few prospects to fill the space.
In some cases, distressed buildings have changed hands. The special servicer at One City Centre, a 607,000-square-foot tower at 1021 Main Street, recently selected a buyer after the previous owner defaulted on $100 million in loans on the property.
— Andrew Terrell
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