| ConocoPhillips to Purchase Building in Houston for $275M | |
| | |
|
Oil giant ConocoPhillips COP intends to purchase one of the new buildings that has been leased to it in the Energy Corridor.
A commercial real estate industry publication, Real Estate Alert, reported that the Houston-based company has agreed to purchase Energy Center 3. The company will have to pay $275 million to make the purchase. The building was marketed by Los Angeles-based CBRE Global Investors. Currently, the entire building is leased to ConocoPhillips.
Per the report, CBRE is also known to be marketing the Marathon Oil Tower in the Galleria area. the Marathon Oil Tower has been valued at $300 million. Per Real Estate Alert, if this deal comes through, it would be the biggest deal in Houston in a year.
Real Estate Alert also mentioned that the per square foot rate of $501 for the Energy Center 3 would be the highest ever payment for a Houston office property outside the Central Business District.
Dallas-based Trammell Crow Co. has joined forces with Iowa-based Principal Real Estate Investors to develop Energy Center 3, 4 and 5. The buildings were designed by Houston-based Kirksey, and Balfour Beatty Construction, which is based in Dallas, serves as the general contractor. Interior architecture is being done by Houston-based PDR.
ConocoPhillips is the lessee of the entire Energy Center 3 and 4. Work on the 20-story, Energy Center 3 began in 2012 and was finished in fourth-quarter 2014. The building covers an area of 548,000 square foot. As of Jun 2015, ConocoPhillips was anticipated to start moving into the building in August.
The 22-floor, Energy Center 4 broke ground in Dec 2013 and is spread over an area of 596,000 square foot. The construction is expected to complete by the end of this year. ConocoPhillips will shift in the building by Apr 2016.
ConocoPhillips carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Cobalt International Energy, Inc. CIE, Matrix Service Company MTRX and ReneSola Ltd SOL. All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONOCOPHILLIPS (COP): Free Stock Analysis Report MATRIX SERVICE (MTRX): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report COBALT INTL EGY (CIE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
|
ConocoPhillips
|
|
|
CODE : COP |
ISIN : US20825C1045 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 127.9 billions as of today (€ 114.9 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on September 18, 2024 at US$ 108.62. ConocoPhillips has 1 177 107 000 shares outstanding. |