Devon Energy heads to Okla., closing Houston office

HOUSTON – Devon Energy Corp. is closing its office in downtown Houston and moving to its Oklahoma City headquarters. All of Devon’s 500 Houston employees will either move to Oklahoma City or be given severance packages.

Devon leases its offices in the 3 million-sf Two Allen Center building, at 1200 Smith St. (now known as Devon Energy Tower), which is owned by Brookfield Office Properties.

Devon has been an Allen Center tenant since 1999, when it bought PennzEnergy. At its peak, Devon leased about 880,000 sf of space in the Allen Center. It now leases about 560,000 sf.

Devon has been subleasing some of its space for several years, since it started selling off divisions of the company. It has about seven years left on its lease.

The move is expected to be complete by the end of first quarter 2013.

Source: Devon Energy

Read more at the Houston Chronicle.