Sugar Land, TX – On July 19, 2022, the Sugar Land Development Corporation (SLDC), a voter-approved economic development corporation, approved a Performance Agreement with CVR Services, LLC (CVR), a wholly owned subsidiary of CVR Energy, Inc., a renewable fuels, petroleum refining and nitrogen-based fertilizer company, to renew its lease in Sugar Land Town Square and, in conjunction with the building’s landlord, invest $4.6 million into renovating the space.
At 51,175 sq. ft., CVR is the largest tenant in Sugar Land Town Square, a mixed-use center that includes premier office spaces, a top-rated Marriott hotel, 167 condos, retail and dining options. Headquartered in Sugar Land since 2007, CVR is a key member of Sugar Land’s business community.
The Sugar Land Office of Economic Development engaged in a competitive bidding process to retain CVR in Town Square, resulting in a direct incentive from the SLDC of $1,000,000 to be paid over 10 years. With the direct incentive, CVR intends to remain headquartered in Sugar Land, enhance its existing office space, and retain 165 employees at an average annual salary of at least $85,000.
Greg Cizik and Edward Edson of Colliers International represented CVR in the office lease and Performance Agreement negotiations and Don Janssen of Planned Community Developers represented the landlord.