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"Shell Oil Co., the energy giant that in the 1970s led a movement of major corporations into downtown Houston, is moving out of the city center, leaving its namesake tower after 45 years. Shell's decision to relocate the bulk of its downtown workers from its 50-story skyscraper is further indication of how stubbornly low oil prices are fraying the commercial real estate market as energy companies shed tens of thousands of jobs. Largely as a result of these cutbacks, nearly 12 million square feet of sublease space is available, double Houston's 10-year historical average, according to commercial real estate firm JLL. According to Washington, D.C.-based research firm CoStar Group, the company occupies a little more than 800,000 square feet of space in One Shell at 910 Louisiana. Shell's move follows a pattern of real estate consolidation among energy firms, though it's not always been at the cost of downtown space, said Bob Eury, president of downtown business", www.houstonchronicle.com
"In the latest sign of financial distress in the oil industry, energy giant Shell is dropping its iconic and long-time sponsorship of Houston's signature golf tournament. The 2017 event, which will take place March 27-April 2 at the Golf Club of Houston, will be the 26th and last rendition of the tournament with the energy company as the title sponsor. A title sponsorship for the region's largest golf tournament is just the latest in the list of luxuries Shell can no longer afford as it wrestles with the worst oil bust in a generation. The PGA Tour and Houston Golf Association will begin looking for a new title sponsor immediately. According to Shell, the tournament has generated more than $64 million for local charities since its founding - more than $60 million of which has been raised since Shell became the title sponsor in 1992. 'Beyond being one of the longest-running tournaments on the PGA Tour and having such a rich history, the Shell Houston Open has", www.houstonchronicle.com
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