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Marathon Latest Oil Company To List Office Sublease
Add to the sublease tally: Marathon Oil put 81k SF from Marathon Oil Tower’s 21st, 22nd and 23rd floors on the market. Cushman & Wakefield executive vice chairman Tim Relyea, who reps Marathon, told the Houston Business Journal that at least 90% of Houston’s energy companies have cut back or are sitting on vacant space. (Shell just put 350k SF up for sublease, and BHP Billiton is listing 331k SF in Four Oaks Place.) As he says, “There’s nobody in the industry that’s not retooling for $30 crude.”
In addition to subleasing office space, Marathon Oil cut its 2016 capital program more than 50% year-over-year and reported a major $793M fourth quarter net loss. [HBJ]
See Also: Video of the Day: How Record Low Oil Prices Could Impact Real Estate
