Global real estate broker CBRE chosen to market properties
During today’s Board of Trustees meeting, CPS Energy staff made a request to the Board to vote to declare several CPS Energy properties as surplus properties. This surplus property determination allows CPS Energy to offer them up for sale in anticipation of the company’s move to its new headquarters on McCullough Avenue in 2020. The properties approved for surplus property determination are:
- Main Office Building (145 Navarro Street)
- Navarro Building and Garage (146 Navarro Street)
- Tower Garage connected to Main Office (jointly owned with the Tower Life Building owners)
- Surface Lot 2 (lot adjacent to the Mexican Consulate)
- Villita Assembly Building (401 Villita Street)
- Northside Customer Service Center (7000 San Pedro Avenue)
- *Former Jones Avenue Service Center (326 W. Jones Avenue)
These properties are not needed to support the gas and electric systems after the move to the new headquarters in 2020. National and international market outreach will be conducted for the complex transactions. In today’s highly competitive market, a 24 month sales cycle is anticipated.
Staff also requested that the Board select CBRE, the leading full-service real estate services and investment organization in the world, as the broker for the properties. CBRE and CPS Energy will advertise the properties to ensure the market knows of their availability. CBRE will actively market the properties on a local, national and international scale to obtain the best value for customers.
Proceeds from the sale of these properties will be used to offset the cost of the new headquarters.
*Declared surplus in 2015.