One of Houston’s most prominent landmark
buildings, the Humble Oil Building, has been listed for sale by a team
that includes PKF Capital, Colliers International – Dallas, and Colliers
International Multi-Family Houston. Built in 1921 for Humble Oil
(the predecessor to ExxonMobil), the Humble Oil Building is listed on the
National Register of Historic Places. An extensive 2003 redevelopment
turned the block-long building into a mixed-use complex consisting of a
Courtyard by Marriott, a Residence Inn by Marriott, The Humble Tower Luxury
Apartments, street level retail and a parking garage.
“This is truly one of the most outstanding properties in Houston’s Central
Business District,” said Hank Wolpert, managing director at PKF Capital,
a provider of real estate investment expertise to the hospitality and leisure
industries and a Colliers International partner firm. “This property
offers unique hotel, apartment and retail space and is conveniently located
on the METRO Rail Main Street Line. It is not often a property this
special becomes available, thus we anticipate investors—both domestic
and international—will be highly interested in it.”
The 529,809 square foot, mixed-use complex is bordered by Dallas, Travis,
Main and Polk Streets in Houston’s urban core, and is within walking distance
of major attractions and demand generators, including the Houston Pavilions,
the George R. Brown Convention Center, the Toyota Center and Minute Maid
Park. While the building’s entire system infrastructure was replaced
during the redevelopment, the outstanding historical features—including
original rose marble, ornately designed bronze elevators and neoclassic
architecture—were preserved.
One of the key attractions for potential investors is the building’s ability
to minimize risk by generating multiple income streams from its more than
360 hotel rooms and suites, 82 apartment units, 6,721 square feet of retail
space and 252 parking spaces.
Another key attraction is that the Humble Oil Building is located directly
across Main Street from the new $170 million, 700,000 square foot Houston
Pavilions development, which is scheduled to open in October 2008.
In this development, four city blocks are being transformed into downtown
Houston’s premiere entertainment, retail and urban office hub. Houston
Pavilions will include 360,000 square feet of retail space, entertainment
venues and approximately 200,000 square feet of first-class office space.
Pricing for the Humble Oil Building will be determined through a bid process
coordinated by the listing brokers. For more information, potential investors
may contact Hank Wolpert at (214) 538-6637 and hank.wolpert@pkfc.com; John
Keeling, senior vice president at PKF Capital, at (713) 621-5252 and john.keeling@pkfc.com;
or Teresa Lowery, principal at Colliers International, at (713) 830-2142
and tlowery@collierstexas.com.
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