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Real Estate Report 2023: Office Deals

2 min read
El Dorado Still Has Murphy 136638
Murphy Oil's 87,000-SF headquarters is listed for million by Colliers International. ( Maggie McLemore)

Headquarters Make Headway

Tyson Foods Inc. of Springdale paid $19.3 million for a 134,000-SF office complex on South Thompson Street in Springdale.

The company bought the facility to help with its OneTyson transformation, the initiative to move its executive teams from Chicago and Downers Grove, Illinois, and Dakota Dunes, South Dakota, to Springdale.

The relocations will involve about 1,000 employees from the three satellite offices and begin this year.

Tyson Foods said the facility would be called Tyson on Thompson and be home to as many as 1,000 employees.

Tyson Foods also said it plans to renovate and expand its existing headquarters complex on Don Tyson Parkway.

New Tyson Foods Office
( Google Maps)

Sequretek Makes U.S. Home in Little Rock

Global cybersecurity provider Sequretek announced the opening of its U.S. headquarters in the Little Rock Technology Park, citing the innovative technology focus, talent access and growth-friendly business environment as top reasons for naming Little Rock as its new corporate home.

Sequretek will hire 50 people over three years, and 90% of the hirees will earn six-figure salaries.

The tech park’s $8.5 million Phase II expansion is set to proceed after pandemic- and supply chain-related delays.

Little Rock Region Scores Big With Businesses 143427
Sequretek has announced the opening of its U.S. headquarters Little Rock. ( Michelle Edmonds)

Perched on Peach

First Financial Bank paid $8 million for the former Murphy Oil Corp. headquarters at 300 E. Peach St. in El Dorado.

First Financial, based in the Union County seat, announced the deal to buy the five-story, 85,156-SF building without disclosing the purchase price. The bank is moving its headquarters there from the First Financial Centre at 214 N. Washington Ave.

Murphy opened the building in 2015. In May 2020, the global oil firm made the surprise announcement it was moving its headquarters to Houston. By November, Murphy had listed the property for sale for $15 million.

First Financial Bank reported total assets of $1.4 billion by late 2022.

Q&A with Property Managers

Q: What amenities and needs have potential office space tenants been prioritizing in the past year?

A: They are, first of all, from a philosophical standpoint, looking for flexibility on lease terms and conference facilities they can use on an as-needed basis and other amenities like workout facilities and restaurants that aren’t part of their lease space so they can share those in a very cost efficient manner. So they are looking for space they can use in new layouts and concepts they can adapt in whatever version of remote work and hoteling in office space as they choose to do. – Hank Kelley, CEO/Partner/Executive Broker, Kelley Commercial Partners

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