HOUSTON – (Realty News Report) – Occidental Petroleum is reversing its decision to move its headquarters to the Energy Corridor and will sell the property instead, a company official has confirmed.
OXY Chief Financial Officer Cedric Burgher, speaking at a energy conference in Denver, said the Houston-based will sell the 62-acre campus, which has over a dozen low-rise buildings with a total of 1.4 million SF of office space. The campus, which OXY purchased earlier this year is located near Interstate 10 at North Dairy Ashford.
The decision comes a week after OXY acquired Anadarko Petroleum for $38 billion.
Burgher said the firm will retain the two, 30-story Anadarko towers in The Woodlands.
OXY has been located in Greenway Plaza in the Inner Loop. But a year ago, OXY placed its 814,000 SF of office space (in 5 Greenway and 3 Greenway) on to the sublease market. But it appears likely the sublease move will be scuttled and OXY will remain in Greenway Plaza for a while.
OXY bought the Energy Corridor campus from ConocoPhillips, which moved to Energy Center Four building on Eldridge.
The OXY campus adds 1.4 million SF of available space to Houston’s office market, which has been going through a rough patch. Houston overall office market had over 800,000 SF of negative absorption in the second quarter, Avison Young reported.
Aug. 14, 2019 Realty News Report Copyright 2019
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