Enron HQ Building Sold At Auction

HOUSTON -- An investors' group has agreed to buy Enron Corp.'s 50-story downtown headquarters for $55.5 million, two years after the energy giant went bankrupt, The Associated Press reported.

Dr. Antonio Pacifico, a cardiologist who heads the investors' group, bid on the oval-shaped, glass tower at a private auction Tuesday. A New York bankruptcy judge must approve the sale, said Richard Rudd of the real estate firm Granite Partners.

The energy company rented the 1.27 million-square-foot building from a partnership of banks, led by J.P. Morgan Chase & Co., one of Enron's largest creditors. Proceeds of the sale will be divided among those lenders.

The skyscraper is scheduled to be vacated early next year when Enron, its sole occupant, relocates to 4 Houston Center.

-- NYSSCPA.org News Staff

Posted on 12/3/03