Midland energy leaders expand campuses

MIDLAND – Oil companies are investing millions to build modern campus-like office space with many amenities. While many companies have moved north where more property is available, there still is significant interest in downtown.

Downtown Midland office buildings have typically been set up for multiple tenants, whereas large companies prefer their own buildings in campus-like settings, said former Midland mayor Wes Perry.

With all of downtown’s Class A office space full and “even the ‘C’ space is going up, price-wise, the market is very healthy and creates opportunities for us all,” said Perry.

Concho Resources acquired the ten-story Hightower Building and a nearby six-story building from Basic Energy Services in 2011 and spent about 18 months renovating the 180,000 sf of space into One Concho Center.

Pioneer Natural Resources, currently located downtown in the Bank of America Building, is constructing a $50 million six-story office building — complete with day care and cafeteria — north of ClayDesta Center on north Big Spring St. The project includes a three-story parking garage adjacent to the office building.

Fasken Oil & Ranch built a 60,000-sf two-story office building to accommodate its 150-plus employees in the southeastern-most section of the C Ranch. The office building was the first step in The Vineyards development, which will include The Office Park at The Vineyards, where two office buildings are under construction.

Chevron, located in ClayDesta Plaza at 15 Smith Rd., will head west in 2015 after the completion of its new $100 million campus near the Scharbauer Sports Complex. The new campus will have two four-story buildings totaling 330,000 sf with the capacity to accommodate 800 employees.

Establishing a vital downtown is a challenge every city faces, said Perry, and Midland is hampered by a shortage of ancillary attractions like retail and grocery stores and residences. That is why construction of Wall St. Lofts is so important: It will help provide that 24-hour component, said Perry.

Read more at the Midland Reporter-Telegram.

Midland energy leaders expand campuses

Donna Edwards Realty 432-934-4439

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