Houston energy company puts 474K-SF office sublease on market

​HOUSTON – The oil and gas subsidiary of Freeport-McMoRan Inc., an international mining company, has put 474,032 sf of downtown office space in two buildings on Houston’s sublease market.

The company’s Houston-based oil and gas division, Freeport-McMoRan Oil & Gas, has roughly 355,000 sf available for sublease in 717 Texas.

The company’s lease in the building ends in August 2018, according to marketing materials.

The company also put 119,032 sf of space at Pennzoil Place on the sublease market around six weeks ago.

The company has had a rough time in Houston following its 2013 acquisition of Plains Exploration & Production Co.

In May, the company cut 170 jobs in Houston. Those cuts came shortly after the company announced a major restructuring of Freeport-McMoRan Oil & Gas that included eliminating the role of its CEO.

Also in May, Freeport-McMoRan Oil and Gas announced it would pay $215 million to cancel a drilling contract with Houston-based Rowan Companies PLC that was scheduled to terminate in June 2017. 

The contract was terminated immediately.