GlobeSt.com UPDATE: Enron Passes HQ Building Reins

HOUSTON-As planned, the deed to the 1.3-million-sf Enron headquarters at 1400 Smith St. yesterday was turned over to a group of investors led by local cardiologist, Dr. Antonio Pacifico, an Enron spokesman confirmed. The group paid $55.5 million for the CBD property.

The US Bankruptcy Court for the Southern District of New York approved the sale Dec. 6, two days after it was auctioned, and set a Dec. 16 deadline for the closing. Court documents show the buyer was required to put 20% of the final price or $11.1 million on the line before the closing. The auction kicked off with a $50-million minimum ask and a required $3-million down payment once the winner was determined.

The “as-is” purchase came with a short-term lease to Enron for 671,908 sf, with each business day’s rent assessed at $15,616.44 through the March 31 expiration, according to court documents. Enron also will be assessed 50% of the building’s operating expenses and $127,500 per month for parking. Rollie Andre with the Houston office of Dallas-based Henry S. Miller Commercial represented Pacifico in the sale and will be handling the high-rise’s leasing.

Harris County filed an objection to the sale in an effort to recover $3 million in outstanding real estate taxes from the sale of Enron Center South at 1500 Louisiana St. The Enron spokesman tells GlobeSt.com that the motion failed, but was unable to provide additional information about the hearing’s outcome. The county’s attorney has not returned telephone calls for comment on the unpaid bill.