Shell To Sell London Building

Friday, September 10, 1999
Oil giant Royal Dutch Shell said on Monday it was selling its landmark London Shell-Mex House building to privately owned U.S. property group Witkoff Group. Shell UK did not give terms of the deal but recent British media reports said New York property baron Steven Witkoff was offering approximately $288 million. Shell said it intended to mostly vacate the art deco building on the Strand, overlooking the River Thames, by the end of the year. The decision to leave the company's British head office building, built in 1931, was first announced a year ago as Shell aimed to cut costs following the slump in oil prices. Shell-Mex housed some 2,000 staff working for Shell's UK and international operations. The majority of staff are relocating to other Shell sites and new locations although the company said some 200 jobs are to be shed as a result of the move. Shell International Trading and Shipping Company will lease back two floors within the 10 story building, sited next to the Savoy Hotel on the north side of the Thames. Shell has also said it is studying plans to turn parts of the more modern Shell Center building, on the south side of the Thames, into a leisure and entertainment complex. It would continue to occupy part of that site. Monday's deal, which includes a neighboring building on the Strand, is Witkoff Group's first acquisition in Britain.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dubai to Expand LNG Terminal

The UAE is planning to expand the capacity of a liquefied natural gas (LNG) terminal in Dubai to help meet rising demand for electricity and water, the energy minister Suhail Al Mazrouei said.

ABS CEO Lays Out Vision for Technical Leadership at CMA Shipping

During the recent CMA Shipping 2015 conference in Stamford, Connecticut, ABS Chairman and CEO Christopher J. Wiernicki provided the conference's keynote address

Oceanex Named One of Canada’s Best Managed Companies

Oceanex Inc. was named one of Canada’s Best Managed Companies Gold Standard Members in 2014. This national award is sponsored by Deloitte, CIBC, National Post,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1537 sec (7 req/sec)