HOUSTON and NEW YORK – The U.S. Bankruptcy Court approved today the sale of Enron Center South to Intell Management and Investment Company, a private real estate firm based in New York. After a two-day auction last week with multiple bidders, Intell Management was the winner with a bid of $102 million for the 40-story, 1.2 million-square-foot building, an 1,100-car parking garage and a block of downtown land encompassing 62,500 square feet.

The sale is scheduled to close by the end of the year.

“We are pleased with the outcome of this auction, and we believe that this represents the maximum value for our creditors,” said Stephen F. Cooper, Enron interim CEO and chief restructuring officer.

“We are very pleased to be acquiring this trophy asset in the energy capital of the world,” said Gary Barnett, president of Intell Management and Investment Company.

Four floors of Enron Center South are currently occupied by UBSWarburg Energy. The remainder of the building, the interior of which still needs to be completed, is unoccupied.

Enron was represented by the real estate investment banking firm of Holliday Fenoglio Fowler, LLP.

Intell and its affiliates have acquired a portfolio of over 8,000,000 square feet of commercial real estate over the last ten years. Major projects include the W Hotel in Times Square, a downtown Chicago historic building of 1,500,000 square feet which has been redeveloped and converted to Class A space, a current construction project on Boston harbor which will include an Intercontinental Hotel and luxury high-rise condominiums, and the Belnord, a trophy residential property on the upper west side in New York.

Enron has significant electricity and natural gas assets in North and South America. Enron’s Internet address is www.enron.com.