Exxon Mobil Campus "Clearly Happening"

Cheryl Boe — Sat, 23 Jan 2010 04:18:36 +0100

Real estate professionals say a long-running rumor is now a sure thing — Exxon plans to build a large corporate campus near the town of Spring.

“Exxon Mobil’s campus is clearly happening,” according to Sanford Criner, an executive vice president with CB Richard Ellis Inc.

Criner’s declaration came during a Jan. 7 presentation at the real estate firm’s downtown offices.

He declined to disclose the source of his information concerning Exxon’s project slated for the west side of Interstate 45, where the Hardy Toll Road intersects the freeway.

“It is uniformly believed in the real estate community that Exxon is developing a new campus,” Criner said. “That’s a huge story.”

Speculation has ebbed and flowed over the past few months that the world’s largest publicly traded international oil and gas company planned to buy roughly 400 acres to consolidate thousands of employees from Houston and Fairfax, Va.

In the Houston area alone, Irving-based Exxon has people working in more than two-dozen locations who are expected to share a single address in the future.

Criner said the relocation would be a big blow to the Greenspoint area, where Exxon leases 2 million square feet of office space for 6,000 employees. Employees downtown and those in company-owned buildings would not move to the new location.

In attendance at the CBRE meeting was Jack Drake, president of the Greater Greenspoint Management District.

When asked to comment on Exxon’s exit, Drake wryly replied that George Bush Intercontinental Airport is not leaving Greenspoint, and neither are Beltway 8 and Interstate 45.

Covert developments
Exxon keeps a tight lid on information regarding real estate plans, and would not comment for this story.

The conglomerate with an estimated 104,000 employees worldwide avoids discussion of operational activities.

In deference to Exxon’s covert character, businesspeople with knowledge of the company’s plans would only speak off the record.

Sources who received campus details directly from Exxon or others connected to the deal paint a picture of an elaborate complex north of Houston, possibly with several million square feet of space.

“They’re doing it,” one well-placed source states emphatically.

In other recent developments cited by sources:

• Exxon sent a company e-mail informing employees that the company is conducting an analysis of U.S. office buildings, but no decision on a Harris County campus is anticipated until the study is complete in 2011.

• Deed records show an entity purchased a large amount of acreage late last year at the Interstate 45 site, bordered on the north by Spring Creek. The entity, believed to be connected to Exxon, purchased 400 acres of vacant land from New York-based Coventry Development Co., which owned as much as 1,500 acres in the area through affiliate Springwoods Realty Co. Executives with Coventry, which developed the local Baybrook Mall, did not respond to phone calls regarding the land.

Activity on the potential site indicates development is in the offing, whether it involves Exxon or not.

source: Houston Business Journal

HUD Secretary Donvan Unveils New Details on Home Buyer Tax Credit

Cheryl Boe — Mon, 08 Jun 2009 05:00:00 +0100

In a recent speech before the National Association of Home Builders (NAHB) Board of Directors, HUD Secretary Shaun Donovan today unveiled new rules that will help spur the housing market by allowing consumers to use the $8,000 first-time home buyer tax credit to help cover the costs of closing on an FHA-insured home.

“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away.”

“With the spring home buying season in full bloom, Secretary Donovan’s move to enable buyers to access the tax credit at the time of closing could not have come at a better time,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “This new rule will further encourage state housing finance agencies to develop programs to monetize the tax credit.”

source: The National Association of Home Builders

Blog entries tagged economy

Exxon Mobil Campus "Clearly Happening"

HUD Secretary Donvan Unveils New Details on Home Buyer Tax Credit