HOUSTON–Wellby Financial Credit Union has bought land to build a new headquarters building.
The $2.65-billlion Wellby Financial has purchased 9.5 acres of land off Interstate 45 and Gulfbrook Drive that is near the Baybrook Mall, according to the Houston Business Journal. The site is approximately three miles from its current headquarters.
“We’re extremely proud of our roots, and we think this new location does a great job of honoring the legacy of where we came from, but also, as we look toward the future, being more accessible to Houston,” CEO Marty Pell told the Business Journal.
Terms Not Disclosed
Financial terms of the transaction were not disclosed.
According to the publication, Wellby Financial, which is the former Johnson Space Center CU, will use the land for not just the new headquarters but also a standalone branch. It has partnered with La Macchia Group for the design of the building.
The Houston Business Journal said Welly Financial currently occupies about 50,000 to 60,000 square feet across its current headquarters — where it has run out of space — and satellite offices around Houston.
Future Needs
Pell told the publication WFCU need approximately 60,000 to 70,000 square feet currently, but that could grow to about 150,000 square feet in 20 years, and as a result will build a headquarters similar to the scale of what its future needs will be.
Wellby Financial plans to break ground on the new headquarters sometime in 2025, with the project to take place in phases over several years.
Wellby Financial has more than 129,000 members.
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