Exxon Mobil has sold its Las Colinas headquarters campus to an Austin-based real estate investment firm.
Austin-based Capital Commercial Investments purchased the 290-acre property from ExxonMobil Corp. in a sale-leaseback deal that extends through 2023, according to an ExxonMobil spokesperson who spoke with CoStar News. The site features a 365,000-square-foot office building facing a lake and more than 200 acres of undeveloped land.
The campus, located on State Highway 114 in Irving, was completed in 1996 following an announcement by the oil and gas giant in 1989 that the company planned to relocate its headquarters from Manhattan to Irving.
In 2021, Exxon Mobil announced that the company and its more than 10,000 employees would relocate from its headquarters in Las Colinas to a 385-acre campus roughly 25 miles north of downtown Houston. The Las Colinas campus was sold through a sale-leaseback deal to allow Exxon time to transition its more than 200 remaining corporate workers to the campus in Houston.
Capital Commercial’s purchase of Exxon’s Las Colinas campus follows the firm’s purchase of JCPenney’s 1.8 million-square-foot Plano business park campus in November 2021.
The Dallas-based commercial property firm Jones Lang LaSalle (JLL) oversaw Exxon’s commercial property marketing and sale. The development-ready parcel is advantageously located in one of the most desired addresses in North Texas, JLL said of the 290-acre property.
“The former Exxon Mobil site is one of the most exceptional in-fill locations in North Texas,” said Robb Buchanan, Capital Commercial Investments executive vice president, 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.”
Capital Commercial has developed an extensive real estate investment portfolio since its founding in 1992. Since its inception, Capital Commercial has developed more than 12.8 million square feet of property across nine states, per the firm’s portfolio page.
Before adding JCPenney’s former office campus to its portfolio, the firm made another big-time purchase. In 2020, Capital Commercial purchased the former corporate headquarters of Fort Worth-based American Airlines, located just south of DFW International Airport.