posted on January 06, 2012 23:44
Hess Tower in downtown Houston has sold for a record-breaking $442.5 million — breaking both records for highest dollar amount and highest price per-square-foot paid for an office building in Houston.
Trammell Crow Co. and Principal Real Estate Investors sold the 29-story office building on Thursday to Toronto-based H&R Real Estate Investment Trust.
The 844,763-square-foot building at 1501 McKinney St. is fully leased through June 2026 to Hess Corp. (NYSE: HES).
The building, which opened in June, garnered $72.5 million more than the second-highest priced office building in Houston. The 56-story, 1.3 million-square-foot Bank of America Center last held the record for total sales price for an office building when it sold in 2007 for $370 million.
The $523.81-per-square-foot price also set a record for the highest per-square-foot price for an office building in Houston. Westway II, a 242,000-square-foot office building in west Houston, held the most recent price per-square-foot record, when it sold in September for $307.50 per square foot, or $74.4 million.
CBRE Group Inc.’s Russell Ingrum, Gary Carr, Jack Fraker, Kevin Shannon, Darcy Stacom,William Shanahan, Bernard Branca and Greg Greene were involved with the transaction on the seller’s side.
12/22/11, Houston Business Journal, Jennifer Dawson