A new Houston HOME for Phillips 66 after split with Conoco

Phillips 66 Phillips 66Latest from The Business JournalsFollow this company will build a brand new home in Houston once its split from ConocoPhillips ConocoPhillipsLatest from The Business JournalsFollow this company (NYSE: COP) is complete.
The new headquarters of refining and marketing spin-off company Phillips 66 will be near Interstate 10 and Beltway 8, within 10 miles of ConocoPhillips' current Dairy Ashford location, according to an email sent to employees Tuesday and quoted in the Swamplot blog.
During the two- to three-year construction period on the new facility, Phillips 66 employees will be located in temporary locations in the company’s current space in Westlake Park office buildings and an unidentified building in the Westchase area. ConocoPhillips employees in those locations will relocate back to the Dairy Ashford complex.
ConocoPhillips was not immediately available for comment on the report.
Last July, Houston-based ConocoPhillips said it would split itself into two publicly traded companies, separating its exploration and production unit from the refining and marketing segment in a tax-free transaction. The split is expected to be complete this summer .

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  

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Ed A. Ayres

Houston Realty Advisors, Inc.

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Midway, Pension Fund JV on 119 KSF Houston Office Bldg Purchase

Midway, Pension Fund JV on 119 KSF Houston Office-Building Purchase

Midway Cos. and its joint venture partner, a pension fund client advised by L&B Realty Advisors, have sold part of the office segment of their 1.8 million-square-foot City Centre mixed-use development in Houston. Midway Cos. and its joint venture partner, a pension fund client advised by L&B Realty Advisors L.L.P., have sold part of the office segment of their 1.8 million-square-foot City Centre mixed-use development in Houston. With the assistance of commercial real estate services firm Jones Lang LaSalle, the partners sold One City Centre, a 119,000-square-foot office building within the 37-acre complex. Real estate investment management firm Stockbridge Capital Group is the proud new owner.

One City Centre made its debut in 2008 as the first of what will ultimately be four office towers totaling 425,000 square feet at City Centre. The five-story structure’s tenant roster will be at maximum capacity once again come June.

With demand for Class A accommodations growing stronger and stronger, Houston is presently an office owner’s dream. “The increased competition for space (especially among energy firms) has enabled landlords to quote higher-than-average rental rates for space,” noted a fourth-quarter report by JLL. “And, since there is a scarcity of available quality space in the market, tenants have and will reluctantly agree to high prices as there are no other viable options in some instances.”

The players in the One City Centre transaction have not disclosed the financial terms of the deal. However, with investors clamoring for premier assets in the city, price tags are on the rise. In late December of last year, H&R Real Estate Investment Trust snapped up the 845,000-square-foot Hess Tower, not yet one year old and fully occupied by energy firm Hess Corp., from Trammell Crow Co. and Principal Real Estate Investors at a cost of $524 per square-foot. Also during the fourth quarter, the 242,000-square-foot Westway II, developed in 2009 and fully occupied by four tenants, changed hands, with Wells Core Office Income REIT picking up the property from Dienna Nelson Augustine Co. for $290 per square-foot.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Thank you for your interest.

Thanks,

Ed A. Ayres

Houston Realty Advisors, Inc.

Mitaquye Oyasin