Dow Chemical Consolidates Houston Operations in New Office Building

Houston’s Energy Corridor office market is among the dominant areas of the region for new office construction and Dow Chemical Company plans to move its Houston Dow Center and Memorial Plaza operations into one of the larger new projects in the works. Financials were not disclosed. The company is expected to move into the new building – the Plaza at Enclave, a six-story, 344,053-square-foot building at 1254 Enclave Parkway – in September. The Plaza at Enclave is among some of the largest new office construction projects in the growing Energy Corridor of Houston, according to a Grubb & Ellis Office Market Trends report for Houston. Dow is working with CORE to seek The Leadership in Energy and Environmental Design (LEED) Silver Certification for this building. Dow, a global leader in science and technology, announced plans to lease approximately 280,000 square feet of office space in the new building, which is being developed by CORE Real Estate. A Dow spokeswoman said the new building will provide a greater collaboration among employees. On Dec. 4, Dow announced plans to shut down a number of assets and make organizational changes with 1,000 jobs to be cut from several geographies and businesses. The Houston office was not among the divisions or locations announced for cutbacks.Dow’s plans to shut down a number of assets and make organizational changes within targeted support functions will result in about 1,000 jobs being eliminated from across several functions, geographies and businesses. Once these actions are fully implemented, the company expects to realize savings in the order of $180 million a year.Based in Midland, Mich., Dow offers a broad range of products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Dow has annual sales of $49 billion and employs 43,000 people worldwide. Houston-based CORE Real Estate was formed in 1997 to provide an intergraded approach to the development and investment components of real estate for the benefit of investors in and users of institutional-grade real estateCB Richard Ellis Group, Inc. is an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.