Unocal to Sell Downtown Land

Unocal Corp. announced today it will seek a buyer for all or part of 13 acres it owns downtown, including its corporate headquarters and undeveloped property surrounding the complex.

“The prospective sale is part of an overall effort to make additional cash available to repay debt and for oil and gas exploration,” Richard Stegemeier, Unocal’s president and chief executive, said. He emphasized that the decision does not necessarily mean that Unocal is planning to move its headquarters and noted that the land is a focal point of the new Center City West master plan now being developed by the city. The parcel, located immediately west of the Harbor Freeway, includes most of the land in the area bordered by 4th Street on the north, Beaudry Avenue on the east, 6th Street on the south and Bixel Street on the west.