John Quinlan, in partnership with DeBartolo Development and ARC3 Architecture, is moving forward with a plan to convert the former ConocoPhillips and BP office building at 550 Westlake Park Boulevard into residential apartments. The building, which was built in 1983 and spans 420,000 square feet, will be transformed into a 311-unit apartment complex named The Watt.
The $93 million project addresses the ongoing issue of vacant office space in Houston. According to CoStar data, there are currently 318 completely empty office buildings in the city and another 625 that are less than half occupied. The Greater Houston Partnership reports that buildings completed before 2009 have a vacancy rate of 27.5 percent.
Despite the need for solutions to address surplus office space, many property owners have been hesitant to pursue similar conversions due to high costs and engineering challenges. However, this project became financially viable after the original building was purchased for $21 million—about $50 per square foot—in an online auction in 2022. Additional savings were realized because the structure already included a large parking garage and updated mechanical equipment. Scott Waddington of DeBartolo stated that conversion costs run about $300,000 per unit, compared to over $500,000 per unit for new multifamily construction.
The Watt will offer amenities such as a rooftop pool, coworking spaces, yoga and fitness center, bike storage room, club lounge with golf simulator, and pet-friendly features like a washing station. Rental prices will start at $1,968 for studios and reach up to $4,375 for three-bedroom units.
Zak Miller from the Energy Corridor District noted that while approximately 71,000 people work in Houston’s Energy Corridor area, there are only about 17,550 housing units available locally.
This marks the third conversion project by Quinlan and DeBartolo; their previous development at Elev8 on Smith Street opened in 2024 and is currently reported as being 90 percent leased.
