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In the latest sign of a continued oil downturn, one of the largest oilfield services companies in the world has hired an auctioneer to sell its 49-acre Oak Park campus in Houston's Westchase submarket.
The auction will be conducted by Williams & Williams on April 27 at 1 p.m., according to Realty News Report. The auction will be held in conjunction with JLL, which has been marketing the property since 2016.
The campus at 10200 Bellaire Blvd. includes a 568K SF vacant office building, a 17K SF fitness center, a day care center, a central plant and a five-level parking garage.
The auction will be open to the public, with bids accepted in person or online. Public inspections will be held from 11 a.m.-2 p.m. on March 23 and 30 and April 13 and 20. The high bidder will be required to put 10% down immediately after the auction.
As oil drilling activities have declined, Halliburton has laid off thousands. With the price of oil sitting around $30/barrel, the company laid off 22,000 workers, roughly 25% of its workforce. Since that time, the price of oil has had a modest recovery and is now around $60. Halliburton has been quick to jump back into the action but has a long way to go before full recovery.
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