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Oxy's chemical division signed a 120,000-square-foot, long-term lease on Wednesday that will make way for the development of a new office complex along the Dallas North Tollway, according to a handful of North Texas real estate sources.
The division is expected to set up shop in about half of one of the two office towers along the Dallas North Tollway, which is part of a larger office complex, known as Fourteen 555, at 14555 Dallas Parkway between Belt Line Road and Spring Valley Road in Addison.
The office complex includes two, six-story office buildings totaling 480,000 square feet tied together by a three-story amenity building, called 'The Hub.' The complex will include a full-service restaurant, fitness center, conference center, and a covered terrace for lounging and to play games, among many other amenities.
It may have been those amenities that swayed Oxy's chemical division to make a move from its longtime office along LBJ Freeway, said Randy Garrett, a principal at Transwestern's Dallas office.
Garrett was not connected to the Oxy deal, but Garrett has worked with office tenants as a broker for more than three decades and specializes in the Platinum Corridor along the Dallas North Tollway.
"Business environments have changed drastically over the last five to 10 years," Garrett told the Dallas Business Journal."Firms are always seeking the most productive office space design possible and, if I had to speculate, I'd say selecting (Bill) Cawley's new building was just too good for OxyChem to pass up."
Occidental Petroleum Corp. did not immediately respond to an interview request late Thursday.
Construction will begin in the near future on Fourteen 555, with plans to complete the office complex in September 2018. Bill Cawley, Jeremy Duggins and Addie Ludwig of Dallas-based Cawley Partners are leasing the remainder of the office complex, which totals 360,000 square feet of office space.
Cawley declined to disclose the name of the tenant, but said an undisclosed tenant with a long-term lease will office in about half of the northernmost office building in the complex.
The energy firm has major operations in the Permian Basin. In addition to its oil and gas divisions, Oxy has operations in chemicals and midstream assets such as pipelines and terminals.
By deciding to consolidate and better align its divisions, Oxy sold its 24-story office building at 5005 LBJ Freeway for a reported $95 million in January to an affiliate of Dallas-based Encore Enterprises and New York Life.