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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0824 sec (12 req/sec)