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Thomas Properties Joint Venture Sells Land in Texas

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Thomas Properties Group Inc. on Tuesday said that it has closed the sale of a 14-acre parcel adjacent to the CityWestPlace business park in Houston.

The downtown Los Angeles real estate company said the site is the planned location of a new global headquarters for oil and gas producer Phillips 66 Co. The property was owned by a joint venture between Thomas Properties and the California State Teachers Retirement System, which also is an owner of CityWestPlace.

Terms of the deal were not disclosed. Chief Executive Jim Thomas said in a statement that the parcel was a non-core property that the joint venture had no near-term plans to develop.

Thomas Properties shares closed down 10 cents, or 2 percent, to $5.48 on the Nasdaq.

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