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Bank of America Tower Formerly Capitol Tower

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After a quick search, I couldn't find how much space they lease at 700 Louisiana. I wonder how the naming rights will pan out if this comes to fruition.

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While I want this new building to be built, I am disappointed that this would just create more vacant space downtown.  My bet..... BOA really doesn't want to move but needs some leverage with its existing landlord.

 

 

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On one hand it would cover up that awful garage that Skanska built. On the other, it would put as much as 750,000 square feet of office space on the market (the rest of the tower and in the current BOA). 

 

I guess I lean towards option one because at least I know BOA is hurting. Why people continue to bank at that evil monster is beyond me. 

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I bet the renderings have changed over the last 3 years since this building was first proposed. I wonder what it looks like now...

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So a downsize from 423,000 to between 200,000 and 250,000. Not exactly a homerun for downtown. They would likely be paying higher rent since it's new construction, although with worse views, and a less "signature" building to put their name on, whatever that's worth to them (they do seem to like having signature buildings).

 

Agreed with nate, it's very Woodlands Waterway. Better than what's there now though.

 

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On 9/29/2015 at 3:58 PM, Triton said:

 

Although the Houston economy is certainly declining (over 3,000 construction jobs in Houston lost I read in a report this week), there are still certainly large corporations outside of oil that are looking for space. I know for instance that CBRE is expanding its office space to the Memorial Herman Tower in Memorial City. There are financial corporations that can certainly take advantage of this newer space and leave an older tower. I'm sure someone like Houston19514 has the info on when the leases are up for some of these big businesses.

 

(Quote above is from 2015)

 

Yea, although office demand collapsed for oil related companies, there's always been this demand from other sectors such as finance, real estate, and others, due to the overall US economy. And sure enough, we see interest in Capitol Tower from BOA and, as far as I've heard, from others as well. I honestly think that for the near term, that's the only way this tower is going to get off the ground... demand from companies outside of oil.

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3 hours ago, H-Town Man said:

So a downsize from 423,000 to between 200,000 and 250,000. Not exactly a homerun for downtown. They would likely be paying higher rent since it's new construction, although with worse views, and a less "signature" building to put their name on, whatever that's worth to them (they do seem to like having signature buildings).

 

Agreed with nate, it's very Woodlands Waterway. Better than what's there now though.

 

 

They'd have the least prominent place in the skyline with respect to Wells Fargo, Chase, and BoA.  Capitol Tower would probably have better amenities from a day-to-day office standpoint, such as more individualized control of room temperatures.

 

As UtterlyUrban alluded to, this feels like another play, a la Bracewell, to get more leverage negotiating with their current landlord.

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From the Chronicle:

 

Bank of America reportedly is in talks to move out of its namesake building downtown and into a flashy new tower to be constructed a block away.

The Charlotte, N.C.-based bank is negotiating to become the anchor tenant in Capitol Tower, a 35-story building slated for the former site of the Houston Club building, the Houston Business Journal reported late Friday, citing anonymous sources.

 

The bank's longtime home, Bank of America Center, is one of downtown's most iconic buildings. The neo-Gothic tower soars 56 stories and its gabled roofline is a familiar feature on the city skyline.

Bank of America, which declined to comment Friday, leases 423,614 square feet in the building, according to Houston-based Enriched Data, a research and data firm.

Bank of America Center, 700 Louisiana, was developed by the Hines real estate firm and designed by Philip Johnson and John Burgee. It opened in 1983.

Skanska USA Commercial Development is the developer of Capitol Tower.

After Skanska bought the site and the Houston Club building was demolished, the company built a garage on the southern half of the block and poured the foundation for the tower.

The property is bounded by Capitol, Rusk, Milam and Travis streets.

Skanska has said it would not begin construction on the building until it found a tenant to prelease a significant portion of the space.

Skanska could not be reached. CBRE, the real estate brokerage leasing the building, declined to comment late Friday.

The Gensler architecture firm designed Capitol Tower, a soaring glass and stone building set to include 750,000 square feet and a tunnel-level lobby visible to pedestrians on the streets above it.

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On 1/7/2017 at 2:34 PM, KinkaidAlum said:

On one hand it would cover up that awful garage that Skanska built. On the other, it would put as much as 750,000 square feet of office space on the market (the rest of the tower and in the current BOA). 

 

I guess I lean towards option one because at least I know BOA is hurting. Why people continue to bank at that evil monster is beyond me. 

 

Skanska should be ashamed of themselves for building that garage. I can't believe it looks like they're going to keep it that way even once the tower is complete. Someone please tell me I'm wrong. That's a Class F garage.

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1 hour ago, lockmat said:

 

Skanska should be ashamed of themselves for building that garage. I can't believe it looks like they're going to keep it that way even once the tower is complete. Someone please tell me I'm wrong. That's a Class F garage.

You're wrong.  Clearly they will put a glass face on it, it's a class A LEED Platinum trophy tower. 

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2 hours ago, tangledwoods said:

a huge lobby that opens up the mole people to the sun...

 

AIEEEEEEEE!!! The sun!!!! oh no, so shiny and bright...

mole_people_poster_03.jpg?w=700&h=541

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12 hours ago, KinkaidAlum said:

Not sure how tearing down an existed structure and replacing it with another is infill when downtown has dozens of entirely empty parcels. 

 

The Houston Club wasn't great, but it was an example of mid 1900s architecture which we lack in this town. 

Spot on.

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The old HC building would have needed a ton of enthusiastically creative attention to turn it into something that wasn't tenant repellent; I suppose that didn't show up in time. The tunnel connectivity/location of the property probably ultimately doomed the old structure since a shiny new tower with those attributes will eventually be a good investment, or at least that's what Skanska seems to think.  

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6 hours ago, tangledwoods said:

Potential leaseable office space prior to demolition, not exactly class a.....

 

pics 025.JPG

 

Cold war eastern Europe is so hot right now!

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We may have been hasty in giving cold war Eastern Europe a bad rap, if they have whataburger, it can't be all bad.

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23 hours ago, KinkaidAlum said:

Not sure how tearing down an existed structure and replacing it with another is infill when downtown has dozens of entirely empty parcels. 

 

The Houston Club wasn't great, but it was an example of mid 1900s architecture which we lack in this town. 

The building was falling apart from reports. How much of that is true idk, but if they were having serious issues then I can see where the building wasn't worth saving. 

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There was a modern pattern painted onto the southeast side walls today.

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Every building is falling apart if you don't take care of it. 

 

My house was a 1920s English that hadn't been lived in in over 8 years. It had Hurricane Ike damage which included a massive hole in the roof that exposed the first floor to the sun. However, the foundation was solid and I rebuilt the old beauty putting a modern house inside of the old structure. 

 

The Houston Club would have never worked as an office tower, but if someone with vision had gotten a hold of it, it could have made a really nice apartment tower or even a cool hotel. The windows alone were worth it (they were operable originally). 

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I understand the "new and upgraded easier to sell" mantra but I don't get " the building was falling apart" mantra.

 

Buildings are falling apart all over the world,  but people do remodel buildings in far worse shape.  

 

That building can't have been in worse shape than the Days in or even Central Square or the federal building.  The federal building was leaking water for years.  The other two were taken over by homeless and plagued worth filth and fire.

 

I hate the falling apart excuse.  Just say what it is. The owner wanted commercial and what sells right now for commercial is easier to accomplish with new construction.   

 

 

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24 minutes ago, samagon said:

"Look, it's falling apart!!!"

 

*swings sledge hammer at wall

 

"See!!!"

 

I'd challenge anyone to swing a sledge hammer full strength at one of those concrete columns. I would even throw in the Excedrin.

 

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I used to have meetings there back in the day and it was always nice, but a little dusty and dated.  I always thought the Houston Club had a great design - very urban.  Along with the Gulf Building that block on Travis was one of my favorites in Houston.  

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If the tower goes forward, they should keep the mural visible with clear glass in the curtain wall on that corner. That would be kind of neat.

 

If it was always assumed to be temporary, they could refresh it with new art every now and again.

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So was this part of the developers plan, or just the City saying "er, the Super Bowl is coming, can you make that less ugly?"

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Too bad the Super Bowl doesn't coincide with Halloween. We could cut three holes in a massive sheet, cover it,  and call it a ghost. 

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Woah.. I dig the mural/sacred geometry. Im glad they are doing something to spruce this place up while they wait for the green light for the tower.

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^^^ although, i am really appreciative of the fact that they decided to add a bit of art to this particular corner.  however, i just wish that they had gone with a SUPERBOWL motif instead of this ugly/strange halloweenish black tree.  i am trying in earnest to present this art piece the benefit of the doubt.  however, i just cannot comprehend just what it is trying to convey to the public.  "STRANGE THINGS" indeed....

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Quote

Office vacancies are rising in downtown Houston as energy firms, such as Shell Oil, have downsized or relocated altogether. The downtown office availability rate has reached 16.5 percent, according to CBRE, which recently said in its year-end report that it could take “three to five years” for downtown vacancy to subside to a normal level. In addition, Hines is completing its 1 million-SF 609 Main tower this month. And Skanska is expected to begin vertical construction this year on its 750,000-SF Capitol Tower, atop the building’s already built foundation, which is about four blocks from the Six Houston Center site.

 

http://realtynewsreport.com/2017/02/01/john-goff-six-houston-center-skyscraper-still-planned-but-groundbreaking-not-expected-soon/

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FAA case shows a work schedule from 03/01/2017 to 12/31/2019

 

50246-so-youre-telling-me-theres-a-c-RHL

Edited by AREJAY
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