BUSINESS
Occidental puts headquarters move on hold while deal finalizes Anadarko buildings’ future not certain
I do know the chamber, along with several other organizations and elected o cials, are having continued talks with the Oxy leadership and discussing how The Woodlands can be the best home for them,” Hollie said. “We’re actively and aggressively pursuing talks to make sure that Occidental understands that we want to have them in the community. … The good news is, is that Oxy is engaging in those discussions.” Hollie said he did not know when to expect an o cial update from Occidental related to the Anadarko deal closing or its local plans but appreciated the company’s initial engagement with members of The Woodlands-area leadership. Heath Melton, the senior vice president for master-planned communities with Howard Hughes Corp., the development company for The Woodlands, said the company watches deals like this closely. “I think we’re very fortunate in The Woodlands,” Melton said. “Houston has been in that % [of o ce space vacancies]. In The Woodlands ... we’re just at about % vacancy.”
WOODLANDS AREA OFFICE MARKET
Although the future of the Anadarko buildings is not known, the office space market in The Woodlands has few vacancies, according to first-quarter statistics in 2019.
“Due to the acquisition of Anadarko, Occidental has put the decision to relocate our headquar- ters on hold and will revisit it when the time is appropriate,” Occidental spokesperson Melissa Schoeb said in a June statement. In The Woodlands, local o cials said they hope the region’s largest private workforce and its occupancy in Anadarko’s towering downtown campus can be maintained through the coming corporate transition. Anadarko employs more than , people in The Woodlands area. J.J. Hollie, the president of The Woodlands Area Chamber of Com- merce, said he and other community members have reached out to Occi- dental to encourage the oil and gas giant’s continued presence in The Woodlands following the merger. “There’s been no o cial word from Oxy about their intent with the Anadarko towers and the employees.
BY BEN THOMPSON
Ahead of Houston-based Occidental Petroleum Corp.’s planned acquisition of Anadarko Petroleum Corp. later this year, the status of Anadarko’s thousands of local employees and the future of its landmark headquarters in The Woodlands is still unknown. Occidental prevailed in a bidding war against Chevron Corp. in May with a deal worth billion, consist- ing of % cash and % stock. Chev- ron’s oer had totaled billion. Occidental has not yet stated its intentions for Anadarko’s assets in The Woodlands—which include the two iconic -story towers on Lake Robbins Drive—but in early June, the company announced the delay of its planned move from Greenway Plaza in Houston to a new corporate facility. Occidental did not say whether the relocation would eventually continue as planned, or if it may shi its atten- tion to Anadarko’s campus.
Q1 2019 Greater Houston office vacancies
Houston
Woodlands
19.5%
8.6%
The Woodlands office submarket:
AS OF Q1 2019
124 buildings
17.1M square feet
Anadarko towers:
Allison Tower:
Hackett Tower:
30 stories
31 stories
817,000 square feet
549,000 square feet
Total: 1.37M square feet 8% of The Woodlands area total office space
8%
SOURCE:COLLIER INTERNATIONAL/ COMMUNITY IMPACTNEWSPAPER
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The Woodlands edition • July 2019
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