Don't Look Now, But Downtown's Sublease Market Just Got 475k SF Bigger
A subsidiary of Freeport-McMoRan, an international mining company, has put 474k SF of office space spread across two Downtown buildings onto the sublease market. The company's oil & gas division has roughly 355k SF at 717 Texas and 119k SF at Pennzoil Place. Its lease at 717 Travis extends through August 2018, reports the Houston Business Journal.
The company is shedding assets as it attempts to weather the downturn. Earlier this week, Anadarko announced plans to buy Freeport McMoRan's deepwater assets in the Gulf of Mexico for $2B. In May, Freeport-McMoRan shelled out $215M to cancel a drilling contract that was scheduled through June 2017. [HBJ]