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Houston

LXP inks contract to sell 554,364-square-foot Houston gas and oil campus

WesternGeco, a subsidiary of Schlumberger, has been the property’s sole tenant since 2012

10001 Richmond Avenue (Google Maps, iStock)
10001 Richmond Avenue (Google Maps, iStock)

Lexington Industrial Trust, formerly known as Lexington Realty Trust, a REIT focused on single-tenant industrial real estate investments, is under contract to sell the North American headquarters of oilfield services company Schlumberger in Houston.

WesternGeco, a subsidiary of Schlumberger, signed the 554,364-square-foot lease for 10001 Richmond Avenue in 2012– the largest office transaction to close in Houston that year. The oil and gas company’s lease expires in 2032, according to the CBRE listing. The 28.57-acre campus consists of a three-building campus and a four-story parking garage.

The property is officially off-market but the details of the transaction are still subject to confidentiality agreements, says Russell Ingrum, vice chairman of CBRE.

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In early January, LXP announced a $550 Million recapitalization of a 22-property special purpose industrial portfolio. The New York-based investor said it plans to sell the special purpose industrial portfolio of mainly manufacturing assets through a new joint venture with an affiliate of Davidson Kempner Capital Management.

“We believe this recapitalization will unlock significant value by focusing LXP as a pure-play, single-tenant industrial REIT that develops and acquires warehouse and distribution facilities primarily leased to a single tenant, while the new joint venture builds on our institutional fund management capabilities,” stated T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, in the company’s January 3 press release.

As of October 2021, 99 percent of the trust’s ​​102 warehouse and distribution assets were leased.

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AcquisitionsCBRE