An affiliate of Encore Enterprises and New York Life has acquired Occidental Tower, a trophy tower in the Dallas Galleria/LBJ Freeway neighborhood, for about $95M. The tower was owned by an affiliate of Houston’s Occidental Petroleum Corp and was last valued at about $85M, according to the Dallas Business Journal.
The prominent 24-story, 540k SF building came up for sale when Occidental Petroleum decided to relocate up to 100 employees to its new Houston HQ and consolidate into 20% of the building. Occidental will keep OxyChem, its chemical division, in the tower. Encore's HQ will remain in a floor and a half of the tower.
Encore Enterprises and New York Life bought the building on LBJ Freeway in an off-market deal. [DBJ]
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