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Word from the realty report is Hines is asking $50 a sf for this one.

wow! will that be the first building to break 50$/sq ft in Houston? i dont keep track of that sort of thing, only prices of the total building. but $50/sq ft would put this building at over $500 million, making it the most expensive tower in Houston if im not mistaken.

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What if one were to buy the tower? How much can we expect this to go for if the lead tenant decides to buy it out?

 

Unlikely a tenant would buy it out since they would be sinking a lot of capital into a building, which doesn't really do much for them. It's investors who want this stuff. What it sells for will depend on who leases it and how long they lease it for. One Shell Plaza sold for so much a few years ago because Shell had signed a huge (20 year?) lease. Whoever bought it was essentially buying an income stream, not a building.

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ah.. interesting. so did BG Group Place not sell to BG Group? or Hess tower sell to Hess? i assumed those corporations bought their respective buildings out.

 

No, they sold to investors. I think a few buildings back in the day were owner/user, including at one time the Transco Tower, which I want to say was actually owned by Hines until around 2000. Being owner/user allows for a more creative and less efficient building (certainly true of Transco) than you would have in a building that's done with investment in mind, where what's desired above all is low risk, high efficiency.

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That's not a foundation.  That looks like garage floor B1 to me (floor B2 was the one below it).  Next step is the ground floor, and then we'll be going vertical!

 

They've been making good progress excavating the other half of the block (where the remainder of the garage will go), too.

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