Jump to content
Sign in to follow this  
editor

Shell Plaza: SOLD

Recommended Posts

Press release:


Enterprise Products Company Affiliate Agrees to Acquire Shell Plaza from Hines Affiliate

HOUSTON, Jul 10, 2012 (BUSINESS WIRE) -- Hines, the international real estate firm, and privately held Enterprise Products Company (EPCO) announced today that their respective affiliates have executed definitive agreements whereby an affiliate of EPCO would acquire Shell Plaza in downtown Houston from the Hines U.S. Core Office Fund.

Shell Plaza, which consists of two buildings, One Shell Plaza and Two Shell Plaza, is a 1.8 million-square-foot office complex located in the heart of Houston's Central Business District. Completed in 1970, Shell Plaza was developed by Hines and designed by Skidmore, Owings & Merrill. Shell Plaza is the North American headquarters of Shell Oil Company and the law firm Baker Botts LLP.

"We are pleased to be selected as the winning bidder to acquire Shell Plaza," said Richard H. Bachmann, president and CEO of EPCO. "Shell Plaza is a trophy, Class A office property with a premier location in Houston's Central Business District. This long-term investment reflects our confidence in Houston, its strong and diverse economy, as well as its role in global commerce and its attractive environment for business development."

"Hines has had a long successful history as an owner of Shell Plaza, and we are honored to have had such a strong relationship with one of Houston's most important corporate citizens, Shell Oil Company. Since the Hines U.S. Core Office Fund and our partners acquired Shell Plaza in 2004, it has been a great investment, and we are pleased that an outstanding Houston company will be the new owner," said Charles Hazen, CEO, Hines U.S. Core Office Fund.

Completion of the transaction is subject to customary due diligence and is expected to close in August 2012. Hines will continue to manage and lease Shell Plaza subsequent to the completion of the transaction.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. Currently, Hines manages more than 135 million square feet of space across the globe, of which 11 million square feet is in Houston alone. Other office buildings Hines owns and/or manages in downtown Houston include: 717 Texas, JPMorgan Chase Tower, 601 Travis, 1100 Louisiana and BG Group Place. With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.

Formed in 1968, privately held Enterprise Products Company is headquartered in Houston, Texas. EPCO and its affiliates own significant equity interests in Enterprise Products Partners L.P., as well as real estate holdings in the Houston area, including the 1100 Louisiana office complex in downtown Houston.

Share this post


Link to post
Share on other sites

I remember that when One Shell Plaza was completed, it was described as being the tallest reinforced-concrete structure in the world.

Recently, I read that, while the inclusion of steel rebars increases the tensile strength of concrete, it also (potentially, at least) can decrease the lifetime of a structure. Apparently, the problem is corrosion of the rebars.

According to wiki.answers.com, the ACI (American Concrete Institute) says the typical design life for reinforced concrete is an average of 75 years. The normal range given in between 50-100 years.

One Shell Plaza was completed (I think) in 1971, so the reinforced concrete in it is 41+ years old. I've been wondering if the 50-100-year figure is applicable to the way high-rise office buildings are constructed ...

  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...