SOURCE: Macfarlan Capital Partners

September 10, 2008 07:00 ET

Macfarlan Capital Partners Completes Renovation of the Centre at Cypress Creek in Northwest Houston

Former Compaq Headquarters Transformed Into Upscale Corporate Campus

HOUSTON, TX--(Marketwire - September 10, 2008) - Texas-based Macfarlan Capital Partners announced today the completion of its renovations to the Centre at Cypress Creek, the former corporate headquarters for Compaq Computer Corporation in northwest Houston. Macfarlan invested over $25 million to revamp the sprawling 44-acre campus development, which consists of more than 630,000 square feet of office space. The Centre at Cypress Creek is slated to open Sept. 30, 2008.

"The Centre at Cypress Creek offers one of the few Class 'A' corporate campus settings available in the greater Houston area," says Michelle Wogan, Senior Vice President of Transwestern Commercial Services. Wogan, along with associates Dani Allison and Jennifer Leroy, have been retained by Macfarlan as the exclusive leasing agents for the campus.

Conveniently located on State Highway 249 between Compaq Center Drive and Chasewood Park Drive, the Centre at Cypress Creek is comprised of three interconnected, four-story office buildings and a two-story 400,000 square foot office building, each with garage parking. The campus is ideal for office or data center use and will offer tenants an attractive array of amenities including a 50-seat auditorium, campus-wide Wi-Fi, jogging trails, picnic areas with extensive landscaping and the convenience of more than 100 restaurants and shops located within minutes of the campus.

The diversification and growth of the Houston economy has turned northwest Houston into one of the fastest-growing areas in the south Texas region. Proximity to George Bush Intercontinental Airport, easy access via multiple routes and a diverse employee pool to choose from have enticed companies in the oil & gas, manufacturing, engineering, energy and telecommunications industries to relocate to the area. Consistent with this trend, the area is also attracting high-end residential and mixed-use development projects led by some of Houston's premier developers, including Kickerillo and Interfin Companies.

Macfarlan is seizing the opportunity to become a part of this reemergence by repositioning the complex and returning it to its original upscale setting. Macfarlan recently signed Foxxconn Technology Group as the lead tenant at the Centre at Cypress Creek. According to Brad Marnitz, principal of NAI Houston, who represented Foxconn, the Centre at Cypress Creek met the criteria for his client's location, space and design requirements. "Foxconn wanted to capitalize on working with HP and other clients as it looks to grow its business. The northwest Houston area's diverse demographics enhance their recruiting capabilities. We conducted a search of multiple properties and markets, and Foxconn concluded that Macfarlan's Centre at Cypress Creek was the best choice for its business."

Macfarlan Partner John Jenkins said the deal "is consistent with Macfarlan's investment strategy of leveraging our strong relationships and local market knowledge to find appropriate risk adjusted returns and value-added opportunities. Now companies from a wide variety of industries can capitalize on our vision for the former Compaq campus and lease premier office space in Houston's thriving northwest corridor."

About Macfarlan Capital Partners

Macfarlan Capital Partners, L.P. is a Texas-based private real estate fund sponsor committed to serving institutional investors, family offices, wealth management advisors and individuals. Built upon Macfarlan's 23 years of direct commercial real estate experience, the firm has cultivated an extensive network of proprietary relationships. The firm's deep experience enables better pricing of fundamental value and risk to identify exceptional investment opportunities. Macfarlan's entrepreneurial creativity and institutional discipline produces outstanding risk-adjusted returns through all phases of the real estate cycle. Visit Macfarlan online at www.macfarlan.com or visit the Centre at Cypress Creek online at www.centreatcypresscreek.com.

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