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Office Headquarters Building for Pioneer National Resources Acquired by PRP for $584 Mil

12/10/19

PRP has acquired Pioneer National Resources’ new headquarters, a 1.125 msf, 10-story office building in Dallas’ Las Colinas submarket, for $584.2 mil ($519/sf). The property, located at 777 Hidden Ridge, was sold by a consortium that includes the property developer, KDC, and Verizon.

Completed in November of this year by KDC, Pioneer has just completed their move into their new headquarters building. The building represents a unique opportunity for PRP to add to its growing net lease office portfolio. PRP was joined in this investment by Riyad Capital and GMF Capital.

Pioneer will lease 777 Hidden Ridge for 20 years on an NNN basis. Pioneer is an independent oil and natural gas exploration and production company operating in the Permian Basin in West Texas. A leader in the U.S.
unconventional oil and gas industry, Pioneer was founded in 1997 and generated $9.42 bil of revenue in 2018.

The new 10- story property features an undulating glass curtain wall system and limestone façade. The building includes a number of modern amenities including jogging and walking trails as well as immediate access to retail, residential and a commuter rail station.





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