PHILADELPHIA, June 30 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
announced today that the Company has entered into a long-term lease agreement
with HRPT Properties Trust for approximately 221,000 square feet of office
space for its corporate headquarters in the Mellon Bank Center located at 1735
Market Street, Philadelphia, PA. The terms of the lease were not disclosed.
Tactix Real Estate Advisors, LLP represented Sunoco in the transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"The decision to move Sunoco's corporate headquarters to the Mellon Bank
Center was made after a thorough review that lasted almost two years," said
Senior Vice President Charles K. Valutas. "We evaluated a number of key
factors, including the current market for office space in Center City
Philadelphia, and concluded that it is in the best interest of our employees
and shareholders to enter into this lease agreement. The Mellon Bank Center is
an outstanding building in a highly desirable location."
The move of business units and corporate functions is expected to be
completed by the summer of 2005. Since 1980, the Company had offices at Ten
Penn Center, 1801 Market Street. Radnor Corporation, a Sunoco subsidiary, was
the developer of that site. In 1991 the Company's corporate headquarters was
relocated from the Radnor Corporate Center to Ten Penn Center.
Sunoco Logistics Partners, LLP, a publicly traded limited partnership of
which Sunoco holds a 62.6 percent interest, also will move its headquarters to
the Mellon Bank Center.
The Commonwealth of Pennsylvania and City of Philadelphia have offered to
provide assistance in the form of job training credits that will be used for
training and development of current and future employees. Sunoco employs over
3,700 people in the state at various locations of which 750-800 are expected
to be housed in the new location.
Additionally, plans are being made for an operations center consisting of
up to 185 employees who will be relocated from Ten Penn Center to a nearby
building in Center City Philadelphia. Discussions regarding arrangements for
that space are underway.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer
and marketer of petroleum and petrochemical products. With 890,000 barrels per
day of refining capacity, over 4,900 retail sites selling gasoline and
convenience items, over 4,500 miles of crude oil and refined product owned and
operated pipelines and 37 product terminals, Sunoco is one of the largest
independent refiner-marketers in the United States. Sunoco is a significant
manufacturer of petrochemicals with annual sales of approximately five billion
pounds, largely chemical intermediates used to make fibers, plastics, film and
resins. Utilizing a unique, patented technology, Sunoco also manufactures two
million tons annually of high-quality metallurgical-grade coke for use in the
steel industry. For additional information visit Sunoco's Web site at
http://www.SunocoInc.com.
SOURCE Sunoco, Inc.
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Related links:
http://www.SunocoInc.com
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jerry Davis (media), +1-215-977-6298 or Terry
Delaney (investors), +1-215-977-6106, both of Sunoco
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