Beverly Hills bubbling crude with Odessa 50,000-SF space

ODESSA – A pair of Los Angeles real estate developers are refurbishing roughly 50,000 sf of office space on East Loop 338 that’s sat unfinished and mostly empty since the oil bust of the 1980s.

The office building is located at 6005 East Ridge Rd.

The Ector County Appraisal District valued the property at $1.82 million in 2013, and the new owners plan to spend about $1.5 million on the upgrades. The building is expected to be finished in first quarter 2014.

Schlumberger Limited, an oilfield servicing company, has leased one of the four or so spaces for tenant, said Kenny De Angelis, a principal at the Beverly Hills-based DM Ventures, which bought the property from a local ophthalmologist.