WSJ sayeth:
Enron’s former headquarters [..] was purchased by Brookfield Office Properties for $120 million in 2006. Brookfield is now close to a deal to sell the gleaming 50-story tower to Chevron Corp., its tenant, for as much as $380 million, according to people familiar with the deal. That would set a record for the city.
Known as Four Allen Center, the building formerly had Enron’s trademark crooked “E” sign near the entrance. It became a poster child for the market’s troubles when it remained virtually empty for several years in the wake of Enron’s bankruptcy.
As energy prices rose, Brookfield snapped up the tower and leased it to Chevron through 2019, signaling the market’s resurgence.
Chevron declined to comment on the building.
Blackstone Group LP holds a roughly 4% stake in the Houston tower. If it sells for $380 million, the initial annual yield for the buyer would be about 5%, based on estimated net operating income in offering documents related to a $240 million mortgage on the building.
I am appallingly sentimental about that structure and do not want ownership to change again. Alas.
Here are some photos of the beautiful building.