SPE Announces Plan To Sell Richardson Office Building
The SPE Board of Directors approved the sale of the SPE office building in Richardson, Texas, which is expected to result in SPE saving approximately $750,000 annually in operating costs.
SPE’s office building in Richardson, Texas, will be put up for sale—a decision approved by the SPE Board of Directors in January 2023. The move to downsize its space is expected to result in SPE saving approximately $750,000 per year in operating costs.
The building has been underutilized since March 2020 due to staff’s remote work precipitated by the COVID-19 pandemic.
This decision comes after nearly 6 months of research and discussions with the SPE Board, SPE Foundation, and commercial real estate advisors on what to do with the asset.
In 1981, the SPE Foundation purchased the Palisades Creek Drive land from William Herbert Hunt and Nelson Bunker Hunt, and the building’s construction was completed in 1984. In 2010, SPE Inc. purchased the building from the SPE Foundation and remodeled it to accommodate staff growth.