Exxon Mobil Corp., the largest U.S.-based energy company, sold its headquarters in Irving, Texas, in a sale-leaseback deal last year after a nearly year-long global marketing process that brought in investors from throughout Europe and the Middle East.
In the deal closing last December, Exxon Mobil sold its 290-acre campus at 5959 Las Colinas Blvd. to Capital Commercial Investments, based in Austin, Texas, for an undisclosed sum. The energy giant has called this campus its home since 1989. Capital Commercial, which has a knack for landing big office tenants, is expected to put the campus on the market to lure a new office tenant with additional development on the surrounding acreage to take shape with help from the city.
Capital Commercial has a track record of transforming single-tenant campuses into much larger developments. The deal was the largest urban infill land sale in Dallas-Fort Worth in 2022, Michael Swaldi, senior managing director of capital markets for JLL and lead broker on the deal, told CoStar News.
"This is one of the greatest urban infill sites in a top 10 development city," Swaldi said. "With it being in Dallas, in Texas, with both city and state garnering so much attention, it gives a great opportunity for a relocation."
Jonathan Carrier, managing director of JLL who also worked on the deal, said the deal closed in spite of the upheaval of the capital markets in the months leading up to its closing in December. Capital Commercial remained committed to the deal, he said, adding, "They knew what they had and would not let it go."
The deal earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the deal: Austin-based Capital Commercial Investments acquired the former Exxon Mobil campus spanning 290 acres near Irving's Las Colinas Urban Center in an undisclosed deal. The firm is working with the city of Irving and other parties to put together plans for a luxury master-planned community, with the expectation of capturing Fortune 500 companies from out of state seeking to move to North Texas.
What the judges said: "Las Colinas is an important business hub in the Dallas-Fort Worth region," said Walter Bialas, research director at Avison Young's Dallas office. "The re-purposing of Exxon's campus will help advance the strengths of Las Colinas and allow the area to create a new and modern offering with all the benefits of being in Las Colinas."
They made it happen: Doug Agarwal and Michael Brigance represented the buyer, Capital Commercial Investments. JLL's Michael Swaldi, Jonathan Carrier, Ronnie Deyo, Andrew Levy, Jasmin Ammons, Kimberly Clark, Greyson Fewin and Paul Whitman represented the seller, Exxon Mobil, in the deal.
