1400 Smith Street

1400 Smith Street (formerly Enron Complex) is a 691 ft (211 m) tall skyscraper located in downtown Houston, Texas, United States. The building has 50 floors and is the 11th tallest building in the city. Designed by architectural firm Lloyd Jones Brewer and Associates, the building was completed in 1983.[1] The 1,200,000-square-foot (110,000 m2) office tower is situated on Houston's six-mile (10 km) pedestrian and retail tunnel system that links many of the city's downtown towers.[1] It was formerly Four Allen Center, a part of the Allen Center complex.[2]

The building was the former headquarters of Enron, one of America's largest commodities trading companies during the 1990s and later infamous for its financial scandal in 2001. 1400 Smith Street was originally known as Four Allen Center prior to Enron relocating to Houston in 1985.[3] Before Enron's collapse, the energy giant constructed a second, similar building across the street, connected to 1400 Smith Street by a circular skywalk.[3]

In 2006, Brookfield Properties acquired the 1,200,000-square-foot (110,000 m2) Four Allen Center for $120 million. At the same time, Brookfield announced that Chevron USA signed a lease for the entire building. Brookfield held 4 Allen Center in a joint partnership with the private equity group The Blackstone Group. As of 2006, the joint venture has 7,400,000 square feet (690,000 m2) of office space in Downtown Houston, making it the largest office owner in the central business district.[4]

Beginning in 2006, Chevron leased the entirety of the building. Earlier in 2011 Brookfield Properties, the owner of the building, searched for a prospective buyer. In June 2011, Chevron bought the building from Brookfield for $340 million. Brookfield confirmed the purchase on June 24, 2011.[5] If Chevron had not fully occupied the building, Brookfield would have put the building on the market, and Holliday Fowler Fenoglio LP would have had the listing.[6]

1400 Smith Street
Enron Complex
General information
StatusComplete
Location1400 Smith Street
Houston, Texas
United States
Coordinates29°45′20″N 95°22′19″W / 29.75554°N 95.37182°WCoordinates: 29°45′20″N 95°22′19″W / 29.75554°N 95.37182°W
Completed1983
Height
Roof691 ft (211 m)
Technical details
Floor count50
Design and construction
ArchitectLloyd Brewer

See also

Notes

  1. ^ a b "Brookfield Properties - 1400 Smith Street". Archived from the original on 2008-06-14. Retrieved 2008-04-06.
  2. ^ "About Brookfield & 1400 Smith Street." Brookfield Properties. Retrieved on August 3, 2011. "Allen Center is a 4.4 million square foot Class “A” office complex in downtown Houston consisting of One Allen Center, Two Allen Center, Three Allen Center and 1400 Smith Street (Four Allen Center)."
  3. ^ a b "1400 Smith, Houston, TX - Skyscrapers on Waymarking.com". Retrieved 2008-04-06.
  4. ^ "Brookfield Properties Acquires Four Allen Center in Downtown Houston and Leases Entire Building to Chevron." Business Wire. October 5, 2006. Retrieved on October 1, 2010.
  5. ^ Dawson, Jennifer. "Chevron finalizes downtown Houston office tower purchase." Houston Business Journal. June 24, 2011. Retrieved on August 3, 2011.
  6. ^ " In early 2013, the building was acquired by Amos Family Interest Ltd, for a reduced cost of $0.51 sq. ft, a total cost of $612,000. Downtown Houston real estate lures buyers." Houston Business Journal. Friday May 6, 2011. Retrieved on October 15, 2011.

References

External links

Allen Center

The Allen Center is a mixed-use skyscraper complex in Downtown Houston, Texas, United States. It consists of three buildings, One Allen Center (500 Dallas Street), Two Allen Center (1200 Smith Street), Three Allen Center (333 Clay Street). The complex has about 3,000,000 square feet (280,000 m2) of space.

Chevron Corporation

Chevron Corporation is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries. Chevron is engaged in every aspect of the oil, natural gas, and geothermal energy industries, including hydrocarbon exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world's largest oil companies; as of 2017, it ranked nineteenth in the Fortune 500 list of the top US closely held and public corporations and sixteenth on the Fortune Global 500 list of the top 500 corporations worldwide. It was also one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s to the 1970s.

Chevron's downstream operations manufacture and sell products such as fuels, lubricants, additives and petrochemicals. The company's most significant areas of operations are the west coast of North America, the U.S. Gulf Coast, Southeast Asia, South Korea, Australia and South Africa. In 2010, Chevron sold an average 3.1 million barrels per day (490×103 m3/d) of refined products like gasoline, diesel and jet fuel.

Chevron's alternative energy operations include geothermal, solar, wind power, biofuel, fuel cells, and hydrogen. In 2011–2013, the company planned to spend at least $2 billion on research and acquisition of renewable power ventures. Chevron has claimed to be the world's largest producer of geothermal energy. In October 2011, Chevron launched a 29-MW thermal solar-to-steam facility in the Coalinga Field to produce the steam for enhanced oil recovery. The project is the largest of its kind in the world.

Economy of Houston

The economy of Houston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2012, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was $449 billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011, 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.The Houston–Sugar Land–Baytown metropolitan area ranked 33rd among the nation's 361 MSAs on per capita personal income at US$36,852 - 11.5 percent higher than the national figure of US$33,050. In 2012, Houston was ranked #1 by Forbes for paycheck worth, and, in late May 2013, it was identified as America's top city for job creation.

Enron

Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded in 1985 as a merger between Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 3, 2001, Enron employed approximately 29,000 staff and was a major electricity, natural gas, communications and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years.

At the end of 2001, it was revealed that Enron's reported financial condition was sustained by institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has since become a well-known example of willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enactment of the Sarbanes–Oxley Act of 2002. The scandal also affected the greater business world by causing the dissolution of the Arthur Andersen accounting firm, which had been Enron's main auditor for years.Enron filed for bankruptcy in the Southern District of New York in late 2001 and selected Weil, Gotshal & Manges as its bankruptcy counsel. It ended its bankruptcy during November 2004, pursuant to a court-approved plan of reorganization. A new board of directors changed the name of Enron to Enron Creditors Recovery Corp., and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron. On September 7, 2006, Enron sold Prisma Energy International Inc., its last remaining business, to Ashmore Energy International Ltd. (now AEI).

Enron scandal

The Enron scandal, publicized in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron was cited as the biggest audit failure.Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that – by the use of accounting loopholes, special purpose entities, and poor financial reporting – were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives not only misled Enron's Board of Directors and Audit Committee on high-risk accounting practices, but also pressured Arthur Andersen to ignore the issues.

Enron shareholders filed a $40 billion lawsuit after the company's stock price, which achieved a high of US$90.75 per share in mid-2000, plummeted to less than $1 by the end of November 2001. The U.S. Securities and Exchange Commission (SEC) began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a very low price. The deal failed, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Enron's $63.4 billion in assets made it the largest corporate bankruptcy in U.S. history until WorldCom's bankruptcy the next year.Many executives at Enron were indicted for a variety of charges and some were later sentenced to prison. Andersen was found guilty of illegally destroying documents relevant to the SEC investigation, which voided its license to audit public companies and effectively closed the firm. By the time the ruling was overturned at the U.S. Supreme Court, the company had lost the majority of its customers and had ceased operating. Enron employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices.

As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. One piece of legislation, the Sarbanes–Oxley Act, increased penalties for destroying, altering, or fabricating records in federal investigations or for attempting to defraud shareholders. The act also increased the accountability of auditing firms to remain unbiased and independent of their clients.

List of Louise Nevelson public art works

This is a list of artworks by Louise Nevelson that are available to the public.

List of tallest buildings in Houston

Houston, the largest city in the U.S. state of Texas, is the site of 48 completed high-rises over 427 feet (130 m), 36 of which stand taller than 492 feet (150 m). The tallest building in the city is the JPMorgan Chase Tower, which rises 1,002 feet (305 m) in Downtown Houston and was completed in 1982. It also stands as the tallest building in Texas and the 16th-tallest building in the United States. The second-tallest skyscraper in the city is the Wells Fargo Plaza, which rises 992 feet (302 m) and was completed in 1983. The Williams Tower, completed in 1982 and rising 901 feet (275 m), is the third-tallest building in Houston. Seven of the ten tallest buildings in Texas are located in Houston.The history of skyscrapers in the city began with the construction of the original Binz Building in 1895. This building, rising 6 floors, is often regarded as the first skyscraper in Houston; it was demolished in 1951 to allow for the construction of a more modern building of the same name, which was in turn replaced by another, 14-floor-tall high-rise that also kept the original name. Houston's first building standing more than 492 feet (150 m) was the El Paso Energy Building, completed in 1962. After the Texas real estate collapse in late 1980s, the city saw no new major office buildings until 2002, when 1500 Louisiana Street was completed. There are currently four buildings under construction that are planned to rise at least 427 feet (130 m). Overall, the Council on Tall Buildings and Urban Habitat ranks Houston's skyline (based on existing and under construction buildings over 492 feet (150 m) tall) 2nd in the Southern United States (after Miami) and 4th in the United States.

List of tallest buildings in Texas

This list of tallest buildings in Texas ranks skyscrapers in the U.S. state of Texas by height. The tallest structure in the state, excluding radio towers, is the JP Morgan Chase Tower, in Houston, which contains 75 floors and is 1,002 ft (305 m) tall. The second-tallest building in the state is the Wells Fargo in Houston, which rises 992 feet (302 m) above the ground. As of May 2011, there are 1,217 completed high-rises in the state.Texas's history of skyscrapers began with the completion in 1909 of the 14-story Praetorian Building in Dallas, which is considered to be the state's first high-rise. The building rose 190 feet (58 m) above ground.

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