Doug Agarwal Of Capital Commercial Investments Acquires Office Tower From Mike Wirth Of Chevron For $18.2M

An office tower located at 1001 Noble Energy Way in Houston was sold by Chevron to Capital Commercial Investments. The transaction was completed for a sale price of $18,200,000. The property encompasses a total area of 515,000 square feet, resulting in a price per square foot of $35. This sale illustrates a significant decrease from the building's previous value, which was assessed at $130 million prior to vacancy.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $18,200,000
• Address: 1001 Noble Energy Way
• Buyer: Doug Agarwal - Capital Commercial Investments
• Seller: Mike Wirth - Chevron
• Square Footage: 515,000
• Price Per Square Foot: $35
• Market: Houston

Chevron's decision to sell this property is part of a strategy by Capital Commercial Investments to enhance its portfolio by acquiring undervalued properties amid the downturn of the Texas office market. Doug Agarwal represents Capital Commercial Investments in this transaction, while Mike Wirth represents Chevron.