Oil and Gas Co. Inks Lease Back of Nearly 1.3 Million SF
Exxon Mobil Corp. (NYSE: XOM
) completed its sale of 800 Bell St., a 1.26 million-square-foot property it occupies in downtown Houston. Shorenstein Properties acquired the office building and its seven-story parking garage for an undisclosed price.
The Texas oil and gas company also inked a leaseback deal, which included full occupancy of the 45-story office tower for another three years.
“This acquisition is in line with our strategy of buying vacancy in markets exhibiting strong current demand and future growth. We purchased this property markedly below current replacement cost, which gives us the opportunity, once the current user vacates, to employ all our company’s core skills--in capital transaction execution, redevelopment, leasing and operations--to increase the property’s value by establishing its long-term position and further enhancing its reputation in the market,” said Douglas Shorenstein, chairman and CEO of the San Francisco-based commercial real estate company.
Built in 1962, the property served as the headquarters of Humble Oil & Refining Co. before it eventually became Exxon. Shorenstein plans to upgrade the structure in 2015 after Exxon relocates its workers to a new campus under construction in The Woodlands.
Rudy Hubbard of Jones Lang LaSalle was the listing broker.
See CoStar COMPS #2637521 for more information.