Oldham Goodwin Capital makes Record Breaking Sale of Long-underutilized Westinghouse Building Project￼
COLLEGE STATION, Texas, Nov. 7, 2022 /PRNewswire/ — Dallas-based Big Sky Medical is the new owner of the Westinghouse Building at Providence Park. Oldham Goodwin Capital, the real estate private equity investment and development arm of Oldham Goodwin, acquired the 175,752 square-foot facility, which anchors the 52-acre College Station research and life science campus, in 2016. The facility had been barely utilized since 1999. Oldham Goodwin developed, leased, and managed the property for six years.
“This sale of the Westinghouse facility to an industry-leader such as Big Sky is the culmination of a collaborative effort to repurpose this facility and park,” said Casey Oldham, CEO & Chief Investment Officer of Oldham Goodwin. “We developed and successfully executed a long-term vision to transform Providence Park into a leading life science campus and added value to the local community. We are extremely proud of the results and the revolutionary life sciences work that is ongoing which will have meaningful impact in the Brazos Valley and beyond.”
Mike Henderson, Oldham Goodwin Vice President of Investor Relations, says the sale of the Westinghouse Building represents a significant win for Oldham Goodwin Capital’s investors.
“This project resulted in a return greater than five times our original investment and has been a winner since day one.” Henderson noted. “Even in a tough economy with rising interest rates our investors win because we never stop working to aggressively pursue projects like this one that also serve to economically benefit the community.”
“Oldham Goodwin shepherded this project from start to finish and really knocked it out of the park for my investor clients,” says asset manager Scott Dodds. “They are a great group that perseveres when projects go smoothly and when projects hit bumps in the road.”
Hunter Goodwin helped oversee the development of the project on behalf of Oldham Goodwin Capital.
“We see potential in big projects like the Westinghouse building and try to identify investment opportunities for our clients’ future. We are a solution-oriented firm, not just for our investors but for adding economic value to our community as well. The development of Providence Park will be a crucial part of the important life science work being done in the Brazos Valley.”
Big Sky also retained Oldham Goodwin to continue its successful management of the Westinghouse property and hired them to manage other assets purchased by Big Sky in the Brazos Valley.
Originally built in 1983 as a Westinghouse Electronic Systems Group state-of-the-art advanced defense electronic component manufacturing facility, the building was shuttered in 1999. Oldham Goodwin Capital acquired the property in 2016 and set out on a long-term journey to develop a life science hub in the heart of Bryan/College Station. Current tenants in the Westinghouse Building at Providence Park include Matica Biotechnology, Zoetis, Lynntech, and The Texas A&M Center for Innovation in Advanced Development and Manufacturing.
After the sale of the Westinghouse Building, Oldham Goodwin Capital still owns roughly 25 acres in Providence Park and will pursue further development in the life science sector. For more information about Oldham Goodwin Capital or Oldham Goodwin’s full range of commercial real estate investment services, please call 979.268.2000 or visit OldhamGoodwin.com.