According to dealmakers, Ellman plans to pour several milliondollars into renovating the 25-year-old asset at 14141 SouthwestFreeway, known locally as the Unocal Building. Work is slated tobegin in early 2008 and take about 18 months to complete, RobertCoulter, Ellman's executive vice president, tells GlobeSt.com.

Houston-based Chevron Corp. leases the entire building throughMarch 2010 as a result of its buyout of Unocal Corp. In July 2006,the empty structure was put it on the sublease market. Butearlier this year, Irving, TX-based Fluor Corp. came along andsubleased 191,000sf, striking a deal that expires at the same time asChevron's pact. Now that the deed's changed hands, Ellman's teamwill take over leasing and management.

Coulter says Ellman Cos. is focused on buying well-locatedoffice assets with vacancies or below-market leases that canprovide upside through renovation and re-leasing. "We're notlooking for existing trophy buildings, but rather, buildings thatbecause of their location, can be upgraded and attractive totenants," he says. The anticipated hold is five to seven years.