For sale: A sneak peek inside Exxon Mobil's under-used Dallas office campus

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Jake Dean

The iconic Pegasus Place along Stemmons Freeway in Dallas.

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Candace Carlisle

Staff Writer- Dallas Business Journal

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Exxon Mobil Corp. (NYSE: XOM) is selling its surplus property, which includes the longtime under-used Pegasus Place corporate campus off Stemmons Freeway.

The 23-acre office campus in Dallas helped the world's largest oil and gas company with its operations in the past, serving as a call center and crisis center if a natural disaster hit Texas, but is now being marketed to real estate investors and companies.

"We are talking to several users in the market that could convert the building to their users and, in some cases, take advantage of what's here and upgrade it," Paul Whitman, president of the Dallas-Fort Worth region for JLL, told the Dallas Business Journal."We are anxious to see what the offers are going to look like and what the ideas are to modernize the building."

Whitman is leading a JLL team in marketing the Exxon Mobil surplus portfolio — which includes two properties in Houston — on behalf of Exxon Mobil, which is building a massive office campus in Houston.

The Dallas office campus includes a 1972-era tower, named Pegasus Place, and is at 3000 Pegasus Park Drive near Interstate 35E. The property is being marketed apart from Exxon Mobil's corporate headquarters campus at 5959 Las Colinas Blvd. in Irving, which is not on the market.

The Pegasus Place tower — which originally was constructed for Zale Corp. in 1970 — is a 17-story, 594,000-square-foot office building that was bought by the former Mobil Oil Corp., along with the rest of the campus, in 1981.

The campus includes a number of buildings, including a two-story, 67,000-square-foot office building and three auxiliary buildings. There's also a conference center with multiple sized conference rooms to handle a number of meetings at once.

Ultimately, real estate investors could multi-tenant the office tower, or redevelop a portion of the property for a new use. But a company could update portions of the property and bring employees back into the office tower, which has a full-service cafeteria with kitchen that can accommodate up to 700 employees.

"We think a user would be a great buyer, but there are investors that are looking at making this a multi-tenant building," Whitman told me. "The signage opportunity is second to none. It is fabulous signage for users."

Candace covers commercial and residential real estate and sports business.