(By Balaseshan) Thomas Properties Group Inc. (NASDAQ: TPGI), which operates as a real estate company, said it has closed on the sale of a 14-acre parcel of land located adjacent to CityWestPlace in Houston, Texas.
The site is the planned future location of the global headquarters of Phillips 66 (NYSE: PSX), which engages in producing natural gas liquids (NGL) and petrochemicals.
"The sale of this site is another major step in executing our strategy which includes selling non-core properties and land that we do not intend to develop in the near term," said Jim Thomas, chairman and CEO.
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The property was owned by TPG/CalSTRS, LLC, a joint venture between Thomas Properties Group and The California State Teachers' Retirement System, which also owns CityWestPlace.
"It sets the stage for the value-enhancing development of a headquarters building that will be a welcome addition to the vibrant business environment of CityWestPlace," Thomas said.
The company owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties. Its primary areas of focus are the acquisition and ownership of properties, both on a consolidated basis and through strategic joint ventures, property development and redevelopment, and property management activities.
TPGI is trading down 1.43 percent at $5.50 on Tuesday. The stock has been trading between $2.80 and $6.15 for the past 52 weeks.