The University of Houston has been given the go-ahead by the system’s Board of Regents to negotiate the purchase of the University Business Park, the 69-acre former Schlumberger Technologies corporate headquarters complex that faces I-45 South, just east of UH’s central campus.
The university currently leases 150,000 square feet in the business park, for offices “and other uses.” The new campus extension would be used for academic and research programs, administrative offices, storage, “industry partnerships,” and other functions. And it comes with 30 acres of vacant land.
UH has already completed the purchase of an adjacent 5-acre site, for about $2.5 million:
This property, at 4902 Gulf Freeway (shown above), lies just east of lonely Spur 5 and its neighboring rail yard, and contains just under 100,000 square feet of warehouse space and just under 20,000 sq. ft. of office space.
A presentation prepared for a board of regents meeting last month says representatives of the university believe the purchase of the much larger University Business Park can be concluded in January or February. University Business Park, with an official address of 5000 Gulf Freeway, is owned by Houston UBP Partners, an entity apparently controlled by real-estate investor Avi Ron.
- UHS Board of Regents Meeting Agenda, December 16, 2008 [UHS]
- University Business Park Potential Acquisition Review (PDF) [UH Board of Regents]
- SNG Sells Gulf Freeway Site to Univ. of Houston [CoStar Group]
- 4902 Gulf Freeway Warehouse Property (PDF) [UH Board of Regents]