Austin firm grabs former ExxonMobil campus in Irving
The 290-acre property has been on the market for almost a year
It’s been almost a year, but ExxonMobil Corporation’s Las Colinas headquarters is finally off the market.
The 290-acre property on State Highway 114 in Irving has been picked up by Austin-based real estate company Capital Commercial Investments. Terms of the transaction were not disclosed, per the Dallas Morning News.
ExxonMobil put its corporate campus on the market in January after it announced it would be relocating its top executives and corporate staff to a megacampus in Houston. With many employees still based in North Texas, Exxon’s Houston move isn’t expected to be completed until mid-2023.
JLL marketed the sale, calling the property, “one of the most desired addresses in North Texas.” The campus was built in 1996 after Exxon moved its head offices to North Texas from Manhattan. The deal includes the 365,000-square-foot headquarters building, which faces a small lake, plus more than 200 acres of undeveloped land. While Capital Commercial has not indicated what it plans to do with the surrounding vacant space, it could be used to construct millions of square feet of mixed-use development.
“The former Exxon Mobil site is one of the most exceptional in-fill locations in North Texas,” said Capital Commercial’s Robb Buchanan in a statement. “We look forward to engaging with the City of Irving and other parties to redevelop the campus into a luxury master-planned community and capture Fortune 500 companies that are continuing to move to Dallas-Fort Worth from out of state.”
Since its founding in 1992, Capital Commercial has invested in and developed more than 12.8 million square feet of property across four states. The former Exxon campus is not the Austin-based firm’s first venture into North Texas. A little over a year ago, it acquired the massive JCPenney campus in Plano. The sale was one of 2021′s biggest commercial property buys in North Texas. Earlier this month, Penney’s announced to employees that it was moving its offices back to the Plano campus after two years.
— Maddy Sperling