HOUSTON--(EON: Enhanced Online News)--Thomas Properties Group, Inc. (NYSE:TPGI) is today announcing that Statoil Gulf Services L.L.C., the U.S. upstream wholly-owned subsidiary of Norwegian energy titan Statoil ASA (Aa2/AA-), has entered into a long-term lease for 581,000 square feet as their North American headquarters at CityWestPlace in Houston’s Westchase District. Beginning with initial occupancy in mid-2015, Statoil will over time occupy the entirety of CityWestPlace Building 2, comprising 431,000 square feet, as well as extend their existing lease for 150,000 square feet in CityWestPlace Building 4. Statoil is significantly growing its presence at CityWestPlace from its current occupancy of 225,000 square feet.
Thomas Properties Chairman, President and CEO James A. Thomas commented: “The new Statoil lease at CityWestPlace fully addresses the December 2014 lease expiration and expected departure of Halliburton Energy Services well over a year in advance, which is a testimony to the continued strength of this market and the appeal of the CityWestPlace campus to multi-national corporate tenants. We are delighted to have recently consolidated our ownership in this unique project to 100% and to welcome the expanded relationship with such an outstanding global firm as Statoil.”
“Statoil is pleased to continue leasing space from Thomas Property Group on the CityWest campus. We are committed to business in North America, staying in west Houston and having all our employees together in one space, and the long term lease agreement for Building Two reflects that. The relocation of our employees into the new building across campus will begin mid-2015 and will be a phased approach in line with our projected growth for the future,” states Jason Nye, Statoil Senior Vice President for US Offshore.
Originally constructed as the Texas headquarters of BMC Software, Inc., CityWestPlace is a 30-acre campus comprising 1.46 million square feet of office space, parking and amenities. BMC continues to lease approximately 550,000 square feet in Buildings 1, 2 and 4 of the campus. Other major CityWestPlace tenants include Ion Geophysical, Bristow Group and Spark Energy.
CityWestPlace was designed by Keating Mann Jernigan Rottet/DMJM and delivered in phases from 1993 to 2001. With finely detailed modern architecture of glass, aluminum, white cement precast and Indiana gray limestone, each of the four office buildings is either LEED-certified or pending, as part of TPGI’s award-winning sustainability program. A landmark in self-contained suburban office environments, the campus features a wide array of amenities and conveniences including 3 full service restaurants, an auditorium and numerous conference facilities, two fitness centers with full locker rooms, a basketball court, an athletic field, a sand volleyball court, a running track, a bocce court, a hair salon, an auto repair and detailing center, an amphitheatre and grab-and-drop bicycles. Located on Sam Houston Beltway 8 just north of Westheimer Road, the CityWestPlace towers offer clear views of downtown Houston and the Galleria. In addition to Beltway 8, Interstate 10, the Westpark Toll Road, Highway 6 and both Houston airports are readily accessible from the campus. The Memorial, Katy and Sugarland residential neighborhoods are nearby. Dedicated parking for each of the four office buildings is provided within individual paired garage structures. All buildings are situated around a 10-acre architectural garden of native plants, trees and grasses, quiet reflecting pools, custom fountains and decomposed granite walkways. On-site property management is provided by Thomas Properties Group.
The Colvill Office Properties leasing team of Chip Colvill, Clark Thompson, Win Haggard Jr. and Michael Anderson represented Thomas Properties in the lease negotiations. Mark O’Donnell of Studley, Inc., Houston represented Statoil in the transaction.
About Thomas Properties Group
Thomas Properties Group, based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company recently announced a pending merger with Parkway Properties, Inc. (NYSE: PKY). For more information on Thomas Properties Group, please visit www.tpgre.com.
Statoil is an international energy company with operations in 34 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Stavanger, Norway with approx. 23,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.
In North America, Statoil is established with US offices in Houston and Austin, Texas; Stamford, Connecticut; Washington DC and Anchorage, Alaska and Canadian offices in Calgary, Alberta and St. Johns, Newfoundland and Labrador. The company also owns and operates the South Riding Point crude oil terminal in the Bahamas and has a representative office in Mexico City, Mexico.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements which are based on TPGI’s current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements about the benefits of the agreements recently entered into by TPGI. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI’s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services (including interest rates), the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management’s expectations, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2012 and our subsequent Form 10-Q quarterly reports, each of which is filed with the Securities and Exchange Commission. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.