Construction has begun on tenant improvements in advance of the relocation of Texaco's Western regional headquarters from 3350 Wilshire Boulevard to 10 Universal City Plaza in Universal City. Initial occupancy of 256,000 square feet is scheduled to occur in phases through December.
Texaco has become a 50% joint venture partner with MCA Inc. in the 36-story, 750,000-square-foot building, designed by Skidmore, Owings & Merrill. The joint venture entity, 10 UCP Associates, is made up of TPI Ventures, a unit of Texaco Inc., and MCA Development Venture One, a subsidiary of MCA Inc.
Texaco will have office space on floors 3 through 14 plus a terrace-level cafeteria and related office uses, according to Joseph F. Papo, TPI Ventures vice president. Office space on floors 26 through 32 is being marketed through Coldwell Banker Commercial Real Estate Services.
Texaco's Wilshire headquarters has been placed on the market with an asking price of $18 million, according to Ed Vierheilig of Charles Dunn Co. Realtors.
The building has 181,031 square feet of rentable space (206,130 square feet gross), parking for 351 cars and will be available in December.