New Capital Is ‘Postponing The Day Of Reckoning’ For Oil Companies
ByCarl Tricoli recently relocated the offices of private equity group Denham Capital to Houston’s beautiful Philip Johnson-designed Bank of America BAC -1.46%Center. The postmodernist masterpiece, completed in 1983, has long been a favorite of Tricoli’s, primarly for its grand architecture but also because of what it represents. “It has a special place in my heart,” says Tricoli, co-president of Denham, “because I started my career at Republic Bank, which went bankrupt in the process of putting this building up. It was my first exposure to the lesson that when a company starts building a new headquarters it’s time to short.”
Republic was one of those victims of the great oil bust of the early 1980s, which decimated Houston, morphed into the great Texas real estate crash and introduced the world to the term “see-through office building,” of which there were many examples in this town…
New Capital Is ‘Postponing The Day Of Reckoning’ For Oil Companies
