HOUSTON, Feb. 9 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) today announced that it has signed an agreement with The Woodlands
Land Company to purchase a 7.5-acre tract in The Woodlands for an
800,000-square foot headquarters building. The new office facility will be up
to 32 stories tall and will be among the largest buildings to be constructed
in the greater Houston area during the past 20 years.
One of the largest independent oil and gas companies in the world,
Anadarko said it plans to move into its new office space in mid-2002. The
building will be located at the intersection of Lake Robbins Drive and I-45,
just south of The Woodlands Mall. Anadarko, which has approximately 700
employees in the Houston area, will be the major tenant of the building and
will sublease some of the space to other companies. Anadarko said it plans to
select an architect soon and will complete the design of the building during
1999. Groundbreaking for the new building is expected early next year. Terms
of the property transaction were not disclosed.
Robert J. Allison, Jr., Chairman, President and CEO of Anadarko, said,
"We're looking forward to relocating to our new headquarters in The Woodlands
-- a hometown for the 21st century. The new facility will meet our growth
needs well into the next century. Through new financing arrangements, the
expense of a new facility -- with more space and greater flexibility to meet
our growth needs -- actually will cost less than staying at our current
location."
Since 1980, Anadarko's headquarters have been located in the Greenspoint
area on I-45. The company currently leases approximately 450,000 square feet
at the Anadarko Tower located at 17001 Northchase Drive.
Michael Richmond, president and CEO of The Woodlands Operating Company,
L.P. said, "The Woodlands is delighted that Anadarko will be a centerpiece
among the other progressive companies in our Town Center commercial sector.
Anadarko is a pace-setter in its industry and a company that we have long
considered to be one of the most desirable to join the more than 800 other
corporate families in The Woodlands."
Anadarko was represented in the transaction by Gerry Trione of Trione &
Gordon Oncore International of Houston. The Woodlands Land Development
Company was represented by Steve McPhetridge and Hank Kulesza.
The Woodlands is a 27,000 acre master-planned community located 27 miles
north of downtown Houston on I-45. More than 55,000 people live in
The Woodlands and more than 800 companies employ 20,000 people in the
community. It has ranked first in new home sales in Houston and Texas since
1990, and was just ranked fourth in the nation in that category. The
Woodlands is a project of The Woodlands Operating Company, L.P., a
Crescent Operating Inc. and Morgan Stanley Partnership.
SOURCE Anadarko Petroleum Corporation
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Company News On-Call:
http://www.prnewswire.com/comp/038950.html or fax,
800-758-5804, ext. 038950
Related links:
http://www.anadarko.com
CONTACT:
Carol Cox of Anadarko Petroleum Corporation,
281-873-3855; or Paul Lazzaro of The Woodlands Operating Company,
L.P., 281-719-6148
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