HOUSTON — Wellby Financial Credit Union is moving forward with plans for a new five-story, 102,246-square-foot headquarters near Baybrook Mall, a project expected to cost more than $42.5 million and be completed in 2028, according to newly filed Texas regulatory records.
A filing with the Texas Department of Licensing and Regulation identifies the project as the “Wellby Financial BTS Office Building” at 19130 Gulfbrook Drive in Friendswood, Texas. The filing, registered Aug. 7, lists Wellby Financial as the owner and says construction is scheduled to begin Oct. 1, 2026, with completion projected for Oct. 30, 2028.
The TDLR filing describes the headquarters as a five-story tilt-wall building with tenant buildout and associated site work. It puts the estimated construction cost at $42.53 million. The project is privately funded and being developed on private property, according to the filing.
The $2.7 billion credit union has approximately 127,000 members.
Powers Brown Architecture of Houston is listed as the design firm.
The headquarters is part of a larger development that also includes a substantial parking structure. A separate TDLR filing registered the same day calls for construction of a three-tier, 156,756-square-foot precast parking garage at 19150 Gulfbrook Drive.
That project carries an estimated construction cost of $9.93 million and the same scheduled construction and completion dates as the headquarters. Combined, the two filings identify approximately $52.46 million in estimated construction costs, although the state figures do not necessarily represent Wellby’s total investment in the development.
Site Acquired in 2024
The filings provide considerably more detail about a headquarters project Wellby first announced more than two years ago.
Wellby said in June 2024 it had acquired 9.5 acres near Baybrook Mall for a new headquarters and branch. The credit union said at the time the property was at Baybrook Center off Interstate 45 on Gulfbrook Drive and that the development would be completed in phases over several years.
Wellby originally anticipated beginning construction in 2025. The latest state filing now lists an Oct. 1, 2026, start date.
Financial terms of the 2024 land acquisition were not disclosed.
Colliers, which represented Wellby in the transaction, said the property totaled approximately 9.54 acres at Interstate 45 South and Gulfbrook Drive near Baybrook Mall. Kelly Hutchinson of Colliers Houston represented the credit union.
A ‘Premier Site’
At the time, Wellby President and CEO Marty Pell described the property as a premier site because of its access to the Gulf Freeway and surrounding development. Colliers said the site is about three miles from Wellby’s existing headquarters at 1330 Gemini St., near NASA’s Johnson Space Center.
When announcing the purchase, Wellby said the headquarters investment was intended to accommodate the credit union’s growth while keeping it close to the Clear Lake and space communities that have been central to its history.
“This land acquisition is a strategic investment that will directly benefit our current and future members,” Pell said in the 2024 announcement. He said the headquarters and planned branch would improve Wellby’s ability to serve members while supporting its mission of helping Houston-area residents prosper financially.
Existing Headquarters to Remain
Wellby said its existing Clear Lake building and branch on Gemini Street will remain in operation. The credit union also said it plans to renovate and modernize that branch in the coming years.
The credit union said the new headquarters is being designed to encourage collaboration, relationship building and in-person interaction among employees. Wellby previously identified La Macchia Group and Powers Brown Architecture as partners on the project, while Colliers Houston handled the land transaction.
The new headquarters represents a significant real estate investment for a credit union that traces its roots to the U.S. space program.
Wellby Financial CU reported $9.46 million in adjusted net income before paying an $8.82 million special dividend to members.
