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El Paso Will Exit 912,000 SF at Greenway Plaza

HOUSTON-The energy giant will vacate the class A complex by year's end, shifting the team to one of its two owned office buildings in the CBD and sending out scouts for a sublease tenant for multiple leases, most with another 11 years left on the terms.

By Jennifer Brenner Andrade | Updated on May 17, 2004

HOUSTON-The writing’s on the wall for a 912,000-sf move-out by lead tenant, El Paso Corp. at Greenway Plaza, which is planning the retreat to be complete by year’s end. The oil and gas company will shift the team to one of two office buildings that it owns in the Houston CBD.

A spokeswoman for El Paso tells GlobeSt.com that the move is part of a restructuring to shave costs on the bottom line. When the move’s done, El Paso will have 1,300 employees working downtown and brokers scouring the market for a sublease tenant for class A space with another 11 years left on the term. The El Paso spokeswoman said the firm inherited the Greenway Plaza space three years ago when it took over Coastal Corp.

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