Dallas’ Occidental Tower falls into $95M sale

​HOUSTON – Occidental Tower sold to an affiliate of Dallas-based Encore Enterprises and New York Life with a sale price of roughly $95 million.

The Dallas real estate investment firm’s headquarters is located within about a floor-and-a-half in the office tower.

The 24-story, 540,514-sf office tower at 5005 LBJ Fwy. landed on the market following Occidental Petroleum Corp. deciding to relocate up to 100 employees to its new Houston headquarters and consolidate into roughly 20 percent of the building.

Occidental still will have its chemical division—OxyChem—based out of the office tower.

The company is one of the largest oil-and-gas companies in the U.S. with major operations in the Permian Basin.

Occidental Petroleum is one of a number of energy companies consolidating its business following the decline of oil and gas prices.

The tower barely hit the market before Encore Enterprises and New York Life arranged to buy it in an off-market deal directly to the venture. The building was last valued at $85 million, according to the Dallas Central Appraisal District.

Colliers International was the brokerage firm briefly marketing the office tower. The LBJ Fwy. market has been an attractive one for investors, with Galleria towers selling to a fund affiliated with CBRE Global Investors last September.