Real Estate News


Karaa Place - Everything you need to know about ExxonMobil's new office

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.

10 Jun 2024
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ExxonMobil strategic transitioning scaling down from a 22 storey tower to a 6 storey hub -Karaa Place, Ikoyi.

Troloppe Property Services congratulates ExxonMobil on its strategic relocation from Mobil House, Victoria Island, to Karaa Place in Osbourne Phase 2, Ikoyi. This move underscores ExxonMobil's commitment to operational efficiency amidst its ongoing business optimization in Nigeria, including the sale of land and shallow-water assets to Seplat Energy.

About Karaa Place

Karaa Place, a Grade A office development completed on December 31, 2020, stands prominently on Acacia Drive, Osborne Phase 2, Lagos. Spanning 7,000m² across six floors, this modern facility was developed through a joint venture between Crowie Projects and a Private Individual, showcasing superior architectural design and infrastructure.

Key Details of Karaa Place:

Development Name: Karaa Place
Grade: A
Completion Date: December 31, 2020
Contractor: El-Alan Construction Company
Project Developer: Crowie Development Consultant
Size: 7,000m²
Number of Floors: 6
Address: Acacia Drive, Osborne Phase 2, Lagos

Infrastructure and Design Excellence

Architected by Arctive Consultants Limited and constructed by El-Alan Construction Company, Karaa Place features expansive floor plates of 999m² per floor. The development integrates top-tier facilities managed by leading engineering firms including Trevi Foundations Limited, EMMS Uf-A Consultants, and Vacc Technical Limited for MEP engineering, ensuring optimal functionality and sustainability.

Impact on Ikoyi's Commercial Landscape

Karaa Place enriches Ikoyi's commercial landscape, contributing to the area's office stock alongside renowned landmarks like Heritage Place and Mulliner Tower. Its strategic location meets the rising demand for premium office spaces, aligning with the evolving commercial dynamics from neighboring Victoria Island.

Market Dynamics and Future Outlook

ExxonMobil's relocation signifies proactive adaptation to economic conditions in Nigeria. With undisclosed plans for remaining offices across Abuja, Rivers State, and Uyo State, this move reflects ExxonMobil's strategic realignment and commitment to operational excellence.