DALLAS – Occidental Tower, which was owned by an affiliate of Houston-based Occidental Petroleum Corp., sold to an affiliate of locally based Encore Enterprises and New York Life for roughly $95 million.
The 24-story, 540,514-sf office tower at 5005 LBJ Fwy hit the market after Occidental Petroleum decided to relocate up to 100 employees to its new Houston headquarters and consolidate into roughly 20 percent of the building. Colliers International was the brokerage firm marketing the tower.
It was barely on the market before Encore Enterprises and New York Life arranged to buy it in an off-market deal directly to the venture.
OxyChem—Occidental's chemical division—will still be based out of the tower.
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