Aug. 27 (Bloomberg) -- Occidental Petroleum Corp., the oil producer planning to spin off its California business by early next year, is seeking to sell a 15-story Los Angeles building that once served as its headquarters.
The company, which occupies 64 percent of the property, is scheduled to vacate the space in the second quarter of next year, according to marketing materials from Eastdil Secured LLC, the listing brokerage. The building, at 10889 Wilshire Boulevard in the Westwood neighborhood of Los Angeles, has 311,000 square feet (29,000 square meters) of space.
Occidental said in February that its operations in California would become a separate publicly traded company in one of the final steps of a breakup plan. The petroleum producer has moved its headquarters to Houston.
Melissa Schoeb, an Occidental spokeswoman, didn’t immediately respond to a telephone call and e-mail seeking comment on plans for the Los Angeles building. Jay Borzi and Steve Silk, Eastdil agents listed on the marketing materials, didn’t return calls seeking comment.
Tenants at the property, designed by architect Claud Beelman, also include City National Bank and the Hammer Museum, which has an option to buy the building at a fixed price in 2021, according to the marketing materials. The price wasn’t disclosed. Should the option be exercised, the next owner would be able to lease back more than 200,000 square feet.
Comparable buildings in the area would sell for $700 to $750 a square foot, according to a person with knowledge of Occidental’s plans. The Occidental building probably will sell at a discount to that because of the Hammer Museum’s option, said the person, who asked not to be identified because the details aren’t public.
--With assistance from Bradley Olson in Houston.