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Case Study

Nexen Petroleum

Challenges
Nexen first entered the Houston market in 2007 by leasing approx. 25,000 RSF in 2000 West Sam Houston Parkway with expansions of approx. 50% per annum thereafter. Nexen required flexibility for future growth.
 
Nexen made a business decision to relocate its corporate headquarters from Dallas to Houston on June 1, 2011.
 
Management wanted a corporate facility identified and prepared for its occupancy no later than August 15, 2012 to avoid complications with employee migration/ transition (i.e. relocation of families, school beginnings, etc.).
 
There were no existing buildings which met the specific parameters which Nexen required for its new corporate headquarters in west Houston.
 
Solutions
Identified one (1) owner who controlled land, had plans for a new
building already substantially complete, and ultimately committed to deliver a completed 325,000 RSF building/interiors in 14 months from the lease execution date.
 
Results
JLL negotiated a termination option in the lease and subsequent
expansions at 2000 West Sam Houston Parkway to allow for the unknown future business decisions to be made by Nexen.
 
A new lease was executed on July 1, 2011, which was less than 30 days following the date which Nexen communicated its business decision to relocate its corporate headquarters.
 
JLL negotiated the economic/lease provisions as well as provided
construction management for both the core/shell of the building and the interiors.
 
Secured first-class corporate headquarters building with a substantive and well known/respected ownership and immediate access to an extraordinary amenity base.
 
Secured building signage rights, identifying Nexen’s prominent entrance into Houston.
 
JLL Services
  • Strategic Planning
  • Transaction Management
  • Construction Management of core/shell and interiors

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