asset offload
Energy giant Shell lists Houston HQ for sale for $325 million
Energy giant Shell has put its U.S. headquarters in Houston’s Energy Corridor on the market and is exploring the sale of its U.S. chemical business.
Green Street News reported Shell just listed its longtime Energy Corridor campus at 150 N. Dairy Ashford Road. The asking price is $325 million, The Real Deal reported. Shell plans to lease back half of the nearly 1.5 million-square-foot Woodcreek campus for 15 years.
A sale-leaseback deal could transform the 43.6-acre campus into a multitenant hub, CoStar News reported.
“Houston is a critical hub for Shell globally and the headquarters of our U.S. businesses,” a Shell spokesperson told the Houston Business Journal. “We remain committed to Houston and are evaluating opportunities to optimize our Woodcreek campus as part of our ongoing review of workplace needs while maintaining a strong presence in the city.”
Shell occupied its first building at the West Houston campus in 1980. The company employs more than 6,000 people in Texas.
Shell is one of the highest-profile businesses occupying space in the Energy Corridor. It’s home to 67,000 workers, more than 27 million square feet of office and mixed-use space, and 3.8 million square feet of retail and restaurant space.
Shell considers $8B sale of chemical business
As the company seeks to unload its Woodcreek campus, The Financial Times reported Shell is looking into selling its U.S. chemical business. The price tag: $8 billion.
Potential buyers include Spring-based ExxonMobil and Houston-based LyondellBasell.
Shell operates four chemical plants in Texas, Louisiana and Pennsylvania, producing an array of chemicals for use in plastics, detergents and pharmaceuticals.
Shell CEO Wael Sawan said last year that the company had spent $45 billion in capital “that is underperforming for us,” split between its chemical business and renewable energy arm.
Shell also agreed to sell its solar and wind power business in India this summer. Read more here.