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A 41-story Houston office tower, recently considered as a candidate for conversion to residential use, has been acquired by the Energy Transfer pipeline and gas company, in one of the Houston’s largest office transactions in recent years.

The 1.2 million-SF tower, located at 5555 San Felipe, was formerly known as the Marathon Oil Tower. But while the Houston office market was in its Post-Covid decline, Marathon Oil moved to a new building in West Houston. Occupancy in the San Felipe building fell as low as 15%. Times have been tough in the Houston office market, including in the Galleria area office market where the Marathon Oil tower is located.