PRP entered a pre-sale contract one year prior to the completion of the building. PRP bifurcated the investment and sold the land and retained the leasehold interest.
Built-to-suit headquarters building for NYSE-listed Pioneer Natural Resources (PXD) on a 20-year long-term NNN lease. ExxonMobil acquired Pioneer Natural Resources in May 2024.
- ExxonMobil is the largest American petroleum, natural gas, and natural gas liquids exploration & production companies
- ExxonMobil maintains an investment grade credit with an S&P rating of AA- stable
- New building completed in 2019
- Current rent is well below market given rising construction costs and required rents for new construction
