BP to sale Houston office building and lease it back.
http://www.bizjournals.com/houston/morning_call/2016/08/exclusive-b...
BP PLC (NYSE: BP) will put its 390,000-square-foot Helios Plaza building in the Energy Corridor up for sale, a BP spokesperson confirmed to the Houston Business Journal.
The news comes less than a week after the HBJ reported the U.K.-based energy giant will put the nearby Westlake Four, a 562,000-square-foot building i....
"This has no impact on BP’s commitment to Houston," BP's Jason Ryan said in a statement. "Our Westlake campus is our U.S. headquarters and is home to one of the largest number of BP employees anywhere in the world."
No changes in regard to the building's services or amenities are expected to take place, Ryan said. Chicago-based JLL is marketing the building. The LEED Platinum-certified building is six stories and has parking for 1,800 cars.
BP plans to move Westlake Four employees into Helios Plaza and the 949,000-square-foot Westlake One, which it also owns. BP is renovating Westlake One as part of its consolidation efforts. Several building permits show that BP has invested roughly $10 million, so far, into updating some of the office building's floors. A BP spokesperson said the renovations will "modernize" office floors at Westlake One.
BP will exit the Westlake Four building by the beginning of 2017. The exit is "part of (BP's) ongoing simplification efforts," the spokesperson said. It's unclear how many employees will be moved. BP's lease at Westlake Four ends in 2023.
BP also has space in Westlake Two and Westlake Three on the sublease market.
In March, a letter BP sent to the Texas Workforce Commission showed that the company expects to cut at least 500 jobs in Harris County this year. At the time, a BP spokesperson said the cuts are part of the 4,000 additional job cuts the London-based company anno....
Another energy company that recently put an office building on the market is Chevron Corp. (NYSE: CVX). Cushman & Wakefield is marketing a 10-story building Chevron owns in Bellaire at 4800 Furnace Place, in addition to other assets the San Ramon, California-based company is trying to offload.
Tags: BP
Views: 452
Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on -
A common practice for companies including those not of the energy sector. I don't see any significance.
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Permalink Reply by jffree1 on
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I agree. I would assume that there is a larger tax benefit to leasing vs owning the property.
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Permalink Reply by jscottrx on
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- in jan 1969, we, (dad, mom, 2 bros. and i) moved to the area that is now the West Houston Energy Corridor from new Orleans (yes we were evac'd during the 1965 sept hurr, the "hint" that was betsy).
- dad was hired by the old man himself H.L.Hunt in 1955 Dallas, after 4 years LSU geology degree and 4 years officer on a navy destroyer in Korea. then we came along. company he was with in 1963 became Texaco's thus 1968 with them in n.o. and he hated that co. thus got on with a very small co. west Houston and never left. nor did I.
- 1969 i was in 5th grade and our back fence was the school district line spring branch Westchester then Stratford and katy. thus attended one of then 2 elementary schools in katy isd, Addicks Elementary both the long since gone old school and was first 5th grade grad class from new school. katy isd now has many elementary schools, most named after teachers i had at katy high school ('77).
- before all of the bldg.'s, which is awesome, it was our old stompin ground. campin' out. smokin' grass. motorcross. virginities lost. lmao.
- { `_`} .
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