on the market

Houston-based Shell lists Energy Corridor campus for $325 million

Shell To Purchase Canada's ARC Resources For Over 16 Billion

The campus is home to about 67,000 employees.

Photo by Brandon Bell/Getty Images

Energy giant Shell has put its U.S. headquarters in Houston’s Energy Corridor on the market and is exploring the sale of its U.S. chemical business.

Green Street News reported Shell just listed its longtime Energy Corridor campus at 150 N. Dairy Ashford Road. The asking price is $325 million, The Real Deal reported. Shell plans to lease back half of the nearly 1.5 million-square-foot Woodcreek campus for 15 years.

A sale-leaseback deal could transform the 43.6-acre campus into a multitenant hub, CoStar News reported.

“Houston is a critical hub for Shell globally and the headquarters of our U.S. businesses,” a Shell spokesperson told the Houston Business Journal. “We remain committed to Houston and are evaluating opportunities to optimize our Woodcreek campus as part of our ongoing review of workplace needs while maintaining a strong presence in the city.”

Shell occupied its first building at the West Houston campus in 1980. The company employs more than 6,000 people in Texas.

Shell is one of the highest-profile businesses occupying space in the Energy Corridor. It’s home to 67,000 workers, more than 27 million square feet of office and mixed-use space, and 3.8 million square feet of retail and restaurant space.

Shell considers $8B sale of chemical business

As the company seeks to unload its Woodcreek campus, The Financial Times reported Shell is looking into selling its U.S. chemical business. The price tag: $8 billion.

Potential buyers include Spring-based ExxonMobil and Houston-based LyondellBasell.

Shell operates four chemical plants in Texas, Louisiana and Pennsylvania, producing an array of chemicals for use in plastics, detergents and pharmaceuticals.

Shell CEO Wael Sawan said last year that the company had spent $45 billion in capital “that is underperforming for us,” split between its chemical business and renewable energy arm.

Shell also agreed to sell its solar and wind power business in India this summer. Read more here.

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This story was first published on our sister site EnergyCapitalHTX.

real estate shell

Homebuying strategy

The best time of year for deals on Houston homes is coming soon

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Back-to-school season turns out to be prime homebuying season.

Back-to-school season turns out to be prime homebuying season in Dallas-Fort Worth and the state’s three other major metros.

A new report from real estate brokerage Redfin finds mid-September reigns as the best time for homebuyers to score a deal in Dallas, Fort Worth, and San Antonio.

The report pegs late August as Austin’s best period for nailing down a home deal, while late September is Houston’s sweet spot.

“Each homebuyer has their own timeline based on personal circumstances. But seasonality trends suggest buyers in these places looking to score a bargain may want to hit the pavement as summer comes to a close and the leaves start falling,” Asad Khan, a senior economist at Redfin, says in a release.

“Sellers who put their home in the market in the spring or early summer and haven’t offloaded it yet may be open to dropping their price or offering concessions,” Khan adds.

Redfin cautions that the best time to buy is more complicated than when a homebuyer is most likely to land a deal. Redfin economists recommend balancing choice and competition when shopping for a home.

“More inventory to choose from improves the chance of finding the home that’s right for them, and more competition creates more urgency and requires stronger offers to win a home, decreasing the likelihood that buyers will get a deal,” says Redfin.

Redfin emphasizes that most places in Texas are now buyer’s markets, equipping buyers with negotiating power. In fact, the majority of Texas markets have roughly twice as many buyers as sellers, according to Redfin.

The Redfin analysis, based on data from Home Economics, looked at three metrics for determining the best times for homebuyers to make a deal:

The week when the number of new listings is the greatest compared with the annual average.
The week when the number of active listings on the market for 60 days or less is the greatest compared with the annual average.
The time when the average home price drops the most heading into late fall or winter.