 |
| 712 Main Street, Downtown Houston, TX |
 |
| Dan Miller |
HOUSTON, TX (Oct. 15, 2013) -- The Lionstone Group announced
today the acquisition of 712 Main Street, a 794,186-square-foot office
tower in the central business district of Houston, Texas.
This acquisition marks the first time 712 Main has been
offered for sale on an individual basis since its construction in 1929.
 |
| Trent Agnew |
The office tower is the Texas headquarters for JPMorgan
Chase’s southwest banking operations and is currently 85 percent leased to 43
tenants. Transwestern has been retained by Lionstone to manage and lease the
property.
HFF, led by Dan
Miller and Trent Agnew, marketed the property on behalf of the
seller, Brookfield Asset Management, Inc.
“Interest in the
property was strong due to the quality of the asset and the stable and
predictable cash flow via JPMorgan Chase’s lease through 2030,” said HFF’s
Miller.
 |
| Tom Bacon |
Lionstone was formed
in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein. The
firm serves the interests of real estate capital by performing extensive market
research to find unique productivity-driven investments—and thus unique value
for investors—and by carefully managing investment risks.
The iconic 37-story Art Deco skyscraper is rich in history and
is a defining landmark of downtown Houston. Developed by Jesse H. Jones,
the tower was originally constructed for Gulf Oil and the National Bank of
Commerce.
 |
| Dan Dubrowski |
It was then expanded in 1948 and 1950 to bring it to its
current size. Eight frescoes depicting Texas history adorn the lobby walls.
The
murals were executed on-site in 1929 on wet plaster with a fresco painting
method similar to that used by Michelangelo, Botticelli, and Rosselli in the
Sistine Chapel.
The building’s spacious main banking hall is a colonnaded area
topped by a 50-foot-high richly carved vaulted ceiling. The Art Deco halls
feature French Brèche de Salernes marble and Italian Siena travertine walls
highlighted by stained glass windows.
 |
| Glenn Lowenstein |
712 Main has been designated a City of Houston landmark and
a National Civil Engineering landmark, and is listed on the National Register
of Historic Places.
“It is truly a local treasure nestled beautifully in the
heart of downtown Houston, and cutting edge tenants are finding it very
desirable,” said Lionstone Chief Investment Officer Glenn Lowenstein.
The
Lionstone Group, armed with proprietary research and analytics, are adept at
pinpointing investments in irreplaceable locations wanted by high-productivity
firms.
712 Main is located along Main Street in downtown Houston, is adjacent
to the North and East rail lines, and has two connections to Houston’s
underground tunnel system of shops and restaurants.
For a complete
copy of the company’s news release, please contact:
The Lionstone Group
Jane Page, COO
(713) 533-5801
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873
| www.hfflp.com
No comments:
Post a Comment