After Being Gotten by Vistra Energy Corp., Electric Company Dynergy Puts 97,000 Square Feet on Sublease Market, Now at 8.7 Million Square Feet Marketwide
Dynegy Inc, a previously independent electrical business based in Houston, has noted approximately 103,000 square feet of sublease area at 601 Travis in downtown Houston after announcing strategies to cut 308 jobs at its head office.
The moves followed Dynegy and Irving, Texas-based Vistra Energy Corp. completed their $1.74 billion merger in April. Vistra, which is the parent company of TXU Energy and Luminant, revealed a deal to acquire Dynegy in an all stock offer last year.
Dynegy, which first moved into 601 Travis in August 2013, signed a lease renewal in Might of this year, simply one month after settling its acquisition by Vistra. The 20-story building is owned by Washington, DC-based Hariri Interests and includes roughly 450,000 square feet of workplace and retail space.
CoStar presently lists the sublease space with Louie Crapitto, David Bale and Adam McCauley of Jones Lang LaSalle, who are marketing 62,000 square feet on the 14th flooring, 35,000 square feet on the 15th and a percentage of area on the 18th floor.
Dynegy, Vistra and Hariri Interests could not be reached for comment.
The combined company has about 6,000 staff members in 12 states serving 2.7 million residential customers and 240,000 organisations.
Houston’s sublease area has provided issue for the workplace leasing market. With 8.7 million square feet available, The NAI Partners Sublease Index– measured by the quantity of sublease space as a percentage of overall offered space– increased 30 basis indicate 14.3% in May.