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Case Study

The Murphy Oil Tower

Challenges
Murphy had outgrown its current building and had no current or future opportunity to expand. Murphy did not want to occupy space in multiple buildings.
 
JLL was engaged to produce a strategic plan that addressed Murphy’s ability to grow its Houston office and to be able to offer its employees a wide array of building and area amenities.
 
Solutions
JLL produced detailed market studies, demographic and drive time studies, space efficiency analysis, and financial modeling and sensitivity analysis to determine the optimal solution for Murphy which was to relocate to a new, lager building east of their current location. JLL identified sixteen sites in West Houston and engaged four developers in negotiation to construct a building with Murphy as lead tenant.
 
Results
JLL structured a lease with the finalist building that provided Murphy with maximum flexibility with opportunities to expand, contract and terminate the lease prior to lease expiration.
 
The new Murphy Oil Tower building provides Murphy’s employees with numerous amenities within walking distance of the building, including hotels, fitness center, restaurants, retail and medical facilities.
 
By selecting a building that could be delivered 12 months earlier than the other finalists, Murphy was able to meet its headcount growth without expanding into another facility. Murphy was able to reduce its square footage per person by 15%.
 
Services
  • Strategic planning
  • Lease brokerage
  • Design and construction consulting
  • Financial modeling and budgeting
  • Sublease Services

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