The sale of the former Marathon Oil headquarters marks a pivotal moment in Houston’s oil industry history, concluding a chapter for the renowned energy company following its merger with ConocoPhillips. The 15-story, 442,000-square-foot tower at 990 Town and Country Blvd., completed in 2022, has been acquired by Houston-based MetroNational, marking the developer’s largest real estate purchase in a decade as reported by Realty News Report. This acquisition adds a significant asset to MetroNational’s burgeoning portfolio in West Houston, situated strategically at the entrance to CityCentre and near the Memorial City development.
This transaction follows the $22.5 billion acquisition of Marathon Oil by ConocoPhillips, a move that significantly reconfigured the energy landscape in Houston. The building, now largely vacant due to widespread layoffs associated with the merger’s consolidation efforts, represents a shift in corporate real estate usage and presents an opportunity for MetroNational amid the evolving market dynamics. Designed by Munoz + Albin and developed by Hines, the property occupies 3.4 acres at the prominent intersection of Interstate 10 and Beltway 8, adjacent to a vibrant mix of retail, residential, and office spaces in CityCentre.
The sale was finalized just months after Marathon Oil filed a WARN notice with Texas state authorities, indicating the planned elimination of over 500 positions at the Houston site within a year of the merger. Despite offering some employees temporary transition roles, the layoffs have significantly impacted the local workforce. The relocation of operations from the custom-built headquarters, which Marathon Oil occupied only three years ago after departing its long-standing Galleria-area location, underscores the deep restructuring in the oil sector.
As ConocoPhillips integrates Marathon Oil, it is also implementing a company-wide restructuring initiative known as “Competitive Edge,” targeting cost reductions and further job cuts anticipated in late 2025. These strategic moves are part of broader efforts to streamline operations and optimize company resources in response to changing industry conditions.