HOUSTON, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Lee & Associates – Houston, a nationwide leader in commercial real estate services, announces its latest industrial transaction with a wholly-owned subsidiary of Schlumberger Limited, at 7600 Antoine in Shreveport, LA. Justin Tunnell, SIOR, Principal, Lee & Associates – Houston, represented Schlumberger in the 1.1 million square-foot manufacturing space on 102 acres. As part of this “major economic development”, the company plans to invest over $18.5 million into the location and expects to be operating in 2024.
The seven-year lease with the Shreveport Business Park involves the renovation and occupation of the former General Motors plant, which has been partially vacant since 2012. Thanks to the facility’s heavy power capabilities and structural design, Schlumberger will be able to adapt and utilize the site for advanced, digital infrastructure manufacturing.
“Securing a property of this size with the specifications required was a complicated task,” said Tunnell. “The search was expanded nationwide, looking for properties with enough structural flexibility to allow for multiple types of high-tech manufacturing components under one roof. Special thanks to the Schlumberger operations and asset management teams for providing the support and responsiveness needed to get a deal of this size and complexity done.”
“We are excited to utilize this asset to expand Schlumberger’s product offerings and to be bringing jobs back to the Shreveport community,” said Randal Vaughn, Real Estate Manager, Schlumberger. “This specific requirement proved to be one of the more difficult assignments we’ve charged Justin with, and he did a great job as always.”
Shreveport is known as the commercial center for the three-state region (LA, ARK, TX) and supports major industries, including petroleum, natural gas and chemicals. Its location was a major benefit to the transaction.
Schlumberger’s investment is expected to create nearly 600 new, direct jobs with an annual payroll of more than $50 million over the next three years and 749 indirect jobs in the region.
About Lee & Associates - Houston
Lee & Associates – Houston is a fully-integrated commercial real estate company with unrivaled market knowledge and an unwavering commitment to integrity and excellence. Our business-minded brokers specialize in office, industrial and land real estate investments. Lee & Associates – Houston is part of a nationwide network of brokers in more than 65 offices in North America. The brokerage is uniquely qualified to support our clients’ real estate needs in Houston, across Texas and throughout the US. For more information, visit lee-associates.com/houston.
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