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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1444 sec (7 req/sec)