Security Service Federal Credit Union has acquired The Rim, a 319,000 square foot office building located at 19003 W. Interstate 10, from Sunoco. The property most recently served as an office for NuStar, a Sunoco subsidiary, following Sunoco’s earlier purchase of the facility.
According to the parties, Security Service Federal Credit Union views the acquisition as a strategic move to accommodate future organizational growth. The credit union indicated that owning the building is expected to create additional opportunities for collaboration and employee engagement, suggesting that the asset will be integrated into its broader workplace strategy rather than held purely as an investment.
The transaction continues a multiyear sequence of corporate real estate moves tied to Sunoco and NuStar. Sunoco completed its acquisition of NuStar in 2024 in an all-stock deal valued at approximately $6.5 billion. That transaction was positioned as a way for Sunoco to diversify its business and assume control of a key segment of its supply chain.
Prior to the corporate merger, NuStar had executed a major capital markets transaction involving its headquarters. As reported by the San Antonio Express News, NuStar sold its headquarters to Truist Financial Corp. in 2023 for $103 million under a sale-leaseback structure, retaining its offices in the building while transferring ownership. The arrangement allowed NuStar to unlock capital from the property while continuing to operate from the same location.
In June 2024, Sunoco purchased the headquarters back from Truist for an undisclosed amount, effectively reversing the prior sale-leaseback and bringing ownership of the asset back under the Sunoco corporate umbrella. At that time, both NuStar and Sunoco stated that NuStar would maintain its headquarters in the building for at least two years. However, they also indicated that NuStar’s plans beyond that period remained uncertain.
The sale of The Rim office building to Security Service Federal Credit Union is the latest step in this sequence of transactions, marking another ownership change for a large office asset associated with the NuStar platform. While financial terms for the latest sale were not disclosed, the deal underscores how corporate M&A activity and balance sheet decisions can drive repeated repositioning of the same office property over a relatively short time frame.
