September 18, 2016
Freeport-McMoRan Inc.’s Houston-based oil and gas subsidiary has added 474,032 square feet of downtown office space to Houston’s sublease market. Specifically, 355,000 square feet is available at 717 Texas, and 119,032 square feet is on the market at Pennzoil Place, 910 Louisiana Ave.
Cresa is marketing the 717 Texas space. Meanwhile, Transwestern is handling leasing for the 36-story Pennzoil Place. Both office buildings are in Houston’s CBD.
The company cut 170 jobs in Houston in May, and also found itself paying $215 to cancel a drilling contract with Rowan Cos. The energy company is also selling assets; Andarko Petroleum Corp. is buying the Freeport McMoRan’s deepwater Gulf of Mexico assets for $2 billion.
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