Houston Doctor Purchases Enron Tower

HOUSTON, TX – December 5, 2003--A group led by Houston cardiologist Dr. Antonio Pacifico and represented by Rollie Andre, Senior Vice President of Henry S. Miller Commercial, has agreed to purchase the 50-story Enron Building, a downtown tower that became a landmark in corporate infamy when the energy company failed two years ago.    After a private auction Tuesday at the Houston offices of Enron's bankruptcy law firm, Dr. Pacifico came to an agreement to buy the 1.27 million square foot 20 year old Enron headquarters building from the a group of banks led by J.P. Morgan.  The purchase price is $55.5 million and the transaction is scheduled to be made final on December 16 and must be approved by the Enron bankruptcy judge.  Dr. Pacifico is an extremely low-profile investor but is no stranger to the news. In 1996, he treated the heart troubles of Hakeem Olajuwon, who was the star center for the Houston Rockets at the time.   The tower, at 1400 Smith, frequently was taped as a backdrop for television news reports after Enron's collapse. The "crooked E" logo in front of Enron's headquarters has been removed and was sold for $44,000.  Dr. Pacifico's group is taking on a tower that is destined to be one of the nation's biggest vacant skyscrapers.  The sole occupant, Enron, will be moving out early in 2004 and relocating to 4 Houston Center on the east side of downtown. At one time, the Enron headquarters building was occupied by 7,500 employees, but after layoffs the work force there has melted down to 1,200.   Dr. Pacifico's group is making a smart buy. "It's a world-class building that he is buying at a very attractive price." Andre said.

Henry S. Miller Commercial, founded in 1914, is Texas’ largest independent commercial real estate firm and a member of The Commercial Network, one of the largest affiliations of commercial real estate firms in the nation.