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ChevronTexaco Picks Up 1M-SF CBD Building

HOUSTON-ChevronTexaco is planning a mid-March closing for 1500 Louisiana St., Enron's former headquarters and now a key part of a consolidation plan. Industry sources peg the price tag at $132 million to $144 million.

By Jennifer Brenner Andrade | Updated on February 25, 2004

HOUSTON-Thirteen months after buying Enron’s former headquarters, Intell Management & Investment Co. has lined up ChevronTexaco Corp. to buy the 1.2-million-sf 1500 Louisiana St. in the Houston CBD. Industry sources are pegging the trade at $132 million to $144 million or $110 per sf to $120 per sf.

The San Ramon, CA-based ChevronTexaco is planning a mid-March closing for the asset, which consists of a 40-story building, 1,100-space parking garage and a vacant city block. The New York City-based Intell Management bought the property in January 2003 at auction for $102 million.

ChevronTexaco’s broker, Tim Relyea, vice chairman in Houston for Cushman & Wakefield of Texas Inc., tells GlobeSt.com that he spent an intense two years working with a 50-member team on the consolidation plan. When the plan is fully implemented, ChevronTexaco will own three buildings with more than 1.8 million sf in Houston and will have sold three others in excess of 1.7 million sf around town. Although there were many options, Relyea says 1500 Louisiana offered the best and most immediate class A option for the consolidation of five divisions headquartered in Houston and support offices for a multi-state network.

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