Occidental Petroleum Corp is consolidating its Dallas operations and plans to relocate up to 100 employees to its new HQ in Houston.
The Houston-based company hopes to synchronize its petroleum and corporate staff sections to their respective divisions in Houston, the Dallas Business Journal reports. As a result, several floors are expected to be freed up in Occidental Tower, the 24-story, 540k SF office tower at 5005 LBJ Freeway. The company currently uses 11 floors in the building, but has already started marketing to new office tenants with the hopes of attracting a marquee tenant for the upper level premium floors.
Occidental’s chemical division is expected to remain in Dallas after the consolidation. The company is working on a new office complex in Midland to house oil-and-gas operations, with completion scheduled to be completed by year's end. It's unclear if the company plans to vacate a chunk of its Dallas real estate, but the tower would quickly become an attractive target for investors. [DBJ]
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