Karaa Place - Everything You Need to Know About ExxonMobil’s New Office.

Bisi Adedun . 1 month ago

ExxonMobil

ExxonMobil Lagos office

ExxonMobil Office

Karaa Place

Mobil Headquarters

Mobil House

Mobil HQ

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Karaa Place – Everything You Need to Know About ExxonMobil’s New Office.

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Following a 33-year stay, ExxonMobil has exited Mobil House, Victoria Island and moved into Karaa Place, in Osbourne Phase 2, Ikoyi. This move is in line with the company's intent to streamline its business operations in Nigeria. Here are the details of ExxonMobil’s new office, Karaa Place:


Following a 33-year stay, ExxonMobil has exited Mobil House, Victoria Island and moved into Karaa Place, in Osbourne Phase 2, Ikoyi. This move is in line with the company’s intent to streamline its business operations in Nigeria following the imminent sale of its land and shallow-water assets in the country to Seplat Energy. Here are the details of ExxonMobil’s new office, Karaa Place:

  1. Karaa Place is a Grade B office development with a gross Leasable Area of 7,000m2 located in Acacia Drive, Osbourne 2, Lagos.
  2. The development, completed in 2021, was developed as a joint venture between Crowie Projects and a Private Individual with a project team that includes:
    El-Alan Construction Company as the Main Contractor
    Arctive Consultants Limited  as the Architect
    Trevi Foundations Limited as the Piling Contractor
    EMMS Uf-A Consultants as the Structural Engineer
    Vacc Technical Limited as the MEP Engineer
    Profica as the Project Manager
  3. The six-floor development has a floor plate size of 999m2 and, as of March 2023, was up for rent at an annual asking rate of approximately $500/m2.
  4. Karaa Place is one of the recent office developments in the broader Ikoyi area following the increased commercialization with office developments owing to encroaching demand from Victoria Island. Although Acacia Drive is a more reserved area, the building contributes to Ikoyi’s office stock of over 160,000m2 comprising Heritage Place, Mulliner Tower, Centre Point(Formerly Famfa Oil Tower), Ulesh Ikoyi, and The Pantheon.
Karaa Place, Osbourne 2, Ikoyi, Lagos State

Karaa Place, Osbourne 2, Ikoyi, Lagos State.

 

Karaa Place, Osbourne 2, Ikoyi, Lagos State

Karaa Place, Osbourne 2, Ikoyi, Lagos State. Source: Estate Intel

 

Map Showing the Locations of Mobil House and Karaa Place

Map Showing the Locations of Mobil House and Karaa Place. Source: Estate Intel, Google Maps

ExxonMobil’s Other Assets

Following their exit from Mobil House, ExxonMobil’s plans for their other six offices in Nigeria located in Abuja, Rivers State, and Uyo State have not been disclosed. In Lagos State, 11PLC – the lubricants subsidiary of ExxonMobil – currently occupies a development located in Apapa, Lagos. 

Prevailing Multinational Exits to Put Additional Pressure on the Lagos Office Market

ExxonMobil’s move into Karaa Place follows multiple announcements by various multinationals who also seek to limit their exposure to Nigeria’s harsh economic climate. Notably, Addax Petroleum ceased operations in Nigeria and exited its 9,500m2 office development in 2022. Furthermore, Microsoft recently disclosed its intent to close the Lagos-based African Development Centre which occupies some of the 5,000m2 space leased in Kings Tower, Lagos. In addition, several pharmaceuticals and FMCG-producing companies like P&G, GSK, and Kimberly-Clark have also announced their exits from Nigeria. Consequently, these high-profile exits are expected to increase pressure on the Lagos office market as vacancy rates rise amidst a looming supply glut in the prime segment of the market.

Estate Intel loves your feedback! Let the Insights team know what you think about ExxonMobil’s New office, Karaa Place by emailing [email protected].

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