10-15-2013 02:37 PM

Historic downtown tower sold to Lionstone Group


The Lionstone Group bought 712 Main Street, a 37-story, 794,186-square-foot office tower from New York-based Brookfield Asset Management Inc.




One of Houston's oldest and most historic downtown buildings has been sold to The Lionstone Group.
The Houston-based real estate investment firm bought 712 Main Street, a 37-story, 794,186-square-foot office tower from New York-based Brookfield Asset Management Inc. The price was not released, but Real Estate Alert estimated in June that the sale could fetch as much as $110 million.
HFF, led by Dan Miller and Trent Agnew, marketed the property on behalf of Brookfield.
Including JPMorgan Chase & Co. (NYSE: JPM), which houses the Texas headquarters for its southwest banking operations at 712 Main, 43 tenants call the tower home. It is currently 85 percent leased, and Houston-based Transwestern will manage and lease the property for Lionstone.
“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,” HFF’s Miller said in a statement.
The Art Deco skyscraper was built in 1929 and is listed on the U.S. Register of Historic Places. It was originally built for Gulf Oil and the National Bank of Commerce and was expanded in 1948 and 1950.
Brookfield bought the building in 2010 from JPMorgan Chase and has invested more than $6 million on improvements.
Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. Follow her on Twitter for more.


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