posted on June 04, 2011 01:36
Another high-profile Class A office tower in downtown Houston is up for sale.
Jones Lang LaSalle has been selected to market 1301 Fannin, a 25-story, 784,143-square-foot tower in the Central Business District. The building is 86-percent leased.
Current owners are Houston-based Griffin Partners and financial partner Urdang Capital Management Inc. of Pennsylvania, which purchased the building in March 2007 for $114.5 million.
Griffin bought the building from an affiliate of San Diego-based Shidler Group. Shidler acquired the building in 1998 for $60 million and spent more than $5.6 million to upgrade the facility.
Built in 1984, 1301 Fannin was designed by Morris Aubry Architects and underwent almost $10 million in renovations in 2009 and 2010.
The property is bordered by Fannin Street, Polk Avenue, Clay Avenue and San Jacinto Street, across the street from the Houston Pavilions.
The building features more than 370,000 square feet of data center space with raised flooring, hurricane-rated windows and backup systems to ensure data integrity in the event of power loss. Dennis Desmond, senior managing director for Jones Lang LaSalle, said he expects the building to attract a wide variety of institutional investors, life insurance companies and technical real estate buyers.
Several other high-profile downtown towers are also on the sales block, according to an exclusive report in the May 6 print edition of Houston Business Journal.
5/11/11, Allison Wollam, Houston Business Journal