BG Group To Vacate Namesake Tower
According to an internal memo obtained by the Houston Business Journal, BG Group will vacate BG Group Place in Downtown Houston. BG Group was acquired by Royal Dutch Shell for $50B in February. After conducting a footprint review, the decision was made. BG Group's trading employee will join Shell's trading arm at 1000 Main. The rest of the employees will move to One Shell Plaza, The Shell Technology Center in West Houston or Shell's Woodcreek Campus in The Energy Corridor. In January, Shell and BG Group announced plans to cut 10,000 staff and contractors across both companies by the end of the year.
BG Group signed a lease that included signage rights for the building in 2010. Hines completed the building in 2011, selling it to Invesco for $480M in 2013. Other tenants in the 46-story building include KPMG and BakerHostetler. [HBJ]