FOXCONN SIGNS BIG LEASE

Macfarlan Capital Partners and Buchanan Street Partners have secured the first tenant for Centre at Cypress Creek after acquiring the big chunk of former Hewlett-Packard Co. property in July 2007 for redevelopment.
Foxconn Technology Group has leased 40,000 square feet of office space in the complex at the southwest corner of State Highway 249 and Compaq Center Drive.
The 44-acre Centre at Cypress Creek in northwest Houston is comprised of three interconnected, four-story office buildings and a two-story, 400,000-square-foot office building, each with a parking garage. The buildings, which date back to the early 1980s, include the former headquarters of Compaq Computer Corp., which was acquired in 2002 by HP.
John Jenkins, a partner with Macfarlan Capital Partners, says the owners are just now wrapping up the redevelopment project, which took about $25 million and more than a year to complete.
“It allows us to bring a high-end corporate campus feel into a multitenant environment,” Jenkins said.
Foxconn, which provides parts and services to computer, communication and consumer electronics clients, decided to lease space in Centre at Cypress Creek in part to be next door to HP.
“They decided to go up there to nuzzle up to one of their major clients,” said Brad Marnitz of NAI Houston, who handled the lease deal for Foxconn.
Foxconn currently has several hundred thousand square feet of industrial space with an office component in several buildings around S.H. 249 and Beltway 8. Marnitz said the company is moving office personnel out of the warehouses to make more room for manufacturing.
This is Foxconn’s first office lease in Houston, he said, and it’s a great location for the employees. The firm will start moving in this month and finish by the end of the year.
Michelle Wogan, Dani Allison and Jennifer Leroy of Transwestern represented the landlord on the lease. for more informaion see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net or www.edayres.com