democide Posted November 23, 2014 Share Posted November 23, 2014 Hearst Selects HFF to Market Houston Chronicle Downtown Property Quote HOUSTON – Hearst Corp. has selected the HFF commercial real estate brokerage firm to handle the sale of its Houston Chronicle property in downtown Houston. Hearst interviewed a number of Houston’s leading commercial real estate brokers before selecting HFF, a national firm with a strong local office. The 10-story Chronicle building, 801 Texas Ave., covers a full city block and comes with parking garage on another block. The newspaper, which has operated at that location since 1910, will move to the former Houston Post building on Southwest Freeway. The Chronicle’s downtown facility, much of it classified as being in “poor” condition by the Harris County Appraisal District, is expected to be demolished. The Chronicle property is in a hot sector. A number of new developments are being built nearby, including a 40-story apartment tower by Woodbranch Investments and the 48-story Hines office tower, 609 Main at Texas. http://realtynewsreport.com/2014/11/21/hearst-selects-hff-to-market-houston-chronicle-downtown-property/ Thanks to desertpunk at SSC. 1 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted November 23, 2014 Share Posted November 23, 2014 Hearst Selects HFF to Market Houston Chronicle Downtown Propertyhttp://realtynewsreport.com/2014/11/21/hearst-selects-hff-to-market-houston-chronicle-downtown-property/Thanks to desertpunk at SSC.I was afraid this would happen. Hopefully it won't sit as a surface lot for a couple decades. 1 Quote Link to comment Share on other sites More sharing options...
lockmat Posted May 9, 2015 Share Posted May 9, 2015 (edited) They're putting a lot of effort into marketing the downtown site. Was I the only one that didn't know an adjacent garage was part of the deal too? https://my.hfflp.com/GetDocument?DT=DealDocument&ID=113784 Edited May 9, 2015 by lockmat 4 Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted May 9, 2015 Share Posted May 9, 2015 No you were not. Interesting. 1 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted May 10, 2015 Share Posted May 10, 2015 Looks like Randal Davis went to Melbourne and got inspired! "The Keitha". It's like Keith but with an A. 1 Quote Link to comment Share on other sites More sharing options...
Triton Posted June 29, 2015 Share Posted June 29, 2015 Hines! http://www.bizjournals.com/houston/news/2015/06/29/chronicles-downtown-building-reportedly-finds.html 6 Quote Link to comment Share on other sites More sharing options...
monarch Posted June 29, 2015 Share Posted June 29, 2015 Hines! http://www.bizjournals.com/houston/news/2015/06/29/chronicles-downtown-building-reportedly-finds.html^^^ wonderful news! 1 Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted June 29, 2015 Share Posted June 29, 2015 Ugh, those guys? What the hell have they ever done for this city....will probably look like crap.... Quote Link to comment Share on other sites More sharing options...
j_cuevas713 Posted June 29, 2015 Share Posted June 29, 2015 (edited) They're putting a lot of effort into marketing the downtown site. Was I the only one that didn't know an adjacent garage was part of the deal too? https://my.hfflp.com/GetDocument?DT=DealDocument&ID=113784 THANK YOU MR. HINES!!!! This man is going to save this city all by himself! Where did they get these conceptual renders from? We need a tower like that. Along with Discovery Tower, downtown could become something amazing! Edited June 29, 2015 by j_cuevas713 3 Quote Link to comment Share on other sites More sharing options...
lockmat Posted June 29, 2015 Share Posted June 29, 2015 The HBJ report says that the Realty News Report run by Ralph Bivinins says that since Hines is currently building 609 that it is unlikely they would demolish and build a skyscraper at this time. Probably true, I guess given the economy? But that means they'd have to lease it for like ten years right? If so, this would be a LONG term investment they couldn't really start for a long time, and this while downtown is somewhat booming. I find that hard to believe but I guess it's possible. Thoughts on what their options are? Quote Link to comment Share on other sites More sharing options...
cspwal Posted June 29, 2015 Share Posted June 29, 2015 That half-block parking garage is the one next to the Hogg(sp?) Palace right? 1 Quote Link to comment Share on other sites More sharing options...
Avossos Posted June 29, 2015 Share Posted June 29, 2015 (edited) The HBJ report says that the Realty News Report run by Ralph Bivinins says that since Hines is currently building 609 that it is unlikely they would demolish and build a skyscraper at this time. Probably true, I guess given the economy? But that means they'd have to lease it for like ten years right? If so, this would be a LONG term investment they couldn't really start for a long time, and this while downtown is somewhat booming. I find that hard to believe but I guess it's possible. Thoughts on what their options are? The fact there is a large parking garage is valuable. They could also renovate the old building back to its historic facade roots. There is also the empty lot nearby that is a part of the purchase - possible new residential by market square (likely IMO). Honestly, this is a smart move. Hines will have a handful of potential plans for that space. If they are buying it, it is because of some kind of potential. Remember, there are 2 lots they would be getting. Future is bright for that area, this ensures Hines has at least 2 projects in the area for the future. Edited June 29, 2015 by Avossos 1 Quote Link to comment Share on other sites More sharing options...
HNathoo Posted June 29, 2015 Share Posted June 29, 2015 This is 1.5 blocks. At $50M, this places the value of the land at $500+psf. I'm pretty shocked they're able to get this type of valuation in a low oil price market. Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted June 29, 2015 Share Posted June 29, 2015 Good stuff. I think pretty much everyone was hoping Hines would get this. I think a residential tower on the garage site will happen sooner than an office tower on the full-block site, but the need for a garage to serve the existing building is a barrier (assuming they will try to keep leasing it in the short term, until they can build a new tower). They would have to demolish the printing press section of the old building and put a garage there. Not sure how the economics would work on that. And just for fun, who do we want designing the next office tower? Maybe we can give Pickard Chilton a break this time around. Renzo Piano might like to come back to town, and Hines has worked with Cesar Pelli in other cities. 1 Quote Link to comment Share on other sites More sharing options...
JJxvi Posted June 29, 2015 Share Posted June 29, 2015 LOL @ a Houston Chronicle blog citing "unnamed sources" as to who the Houston Chronicle is in negotiations to sell to. 9 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted June 29, 2015 Share Posted June 29, 2015 ^^ Is Realty News Report affiliated with the Chronicle? Almost certainly Bivins got this info from someone involved in negotiations under strict anonymity, probably a contact he knows at either HFF or Hines. I doubt Hearst would let anything leak out internally. Quote Link to comment Share on other sites More sharing options...
lockmat Posted June 29, 2015 Share Posted June 29, 2015 Last I saw Bivins worked for Culture Map but also has his own website. Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted June 30, 2015 Share Posted June 30, 2015 http://blog.chron.com/primeproperty/2015/06/houston-chronicle-building-sale-in-the-works/#21137101=0Looks as though Hines is moving toward purchasing the Chronicle site Downtown. This holds potential for either commercial or residential. Would love something taller than the Chase tower here. 5 Quote Link to comment Share on other sites More sharing options...
jmitch94 Posted June 30, 2015 Share Posted June 30, 2015 I would love to think that would happen but it wont anytime soon. Quote Link to comment Share on other sites More sharing options...
CREguy13 Posted June 30, 2015 Share Posted June 30, 2015 If Hines were to reach an agreement on the site, it would be in the best interest for Houston IMO. I would think they would use this site as a crossroads to tie together the CBD, Market Square, and the Theatre District. Personally, I would think if Hines locks up this site, they would look to buy the Market Square Tower site, as well (if it were for sale). With coordination, those 3 adjoining pieces of land, developed by the right group, could be transformational. Hines is the best in the business, and it would be quite the project. My guess is that Hines could hold this land even through the next cycle, possibly. Quote Link to comment Share on other sites More sharing options...
ANTHONYHTOWN Posted June 30, 2015 Share Posted June 30, 2015 really doubt we will see anything as tall as chase tower the only thing on life support is the chevron tower as the next possible super tall 1 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted June 30, 2015 Share Posted June 30, 2015 Probably true. Hines can buy and hold the site for awhile and see how the market shapes up. Quote Link to comment Share on other sites More sharing options...
cloud713 Posted June 30, 2015 Share Posted June 30, 2015 and Hines has worked with Cesar Pelli in other cities.Hines wasn't apart of any of the Houston Pelli developments? Renzo would be neat. 1 Quote Link to comment Share on other sites More sharing options...
Moore713 Posted June 30, 2015 Share Posted June 30, 2015 I have more faint in Hines building something than I do any of the other developers.Hines has should the balls to take a risk on Houston more than the others Quote Link to comment Share on other sites More sharing options...
Subdude Posted June 30, 2015 Share Posted June 30, 2015 I have more faint in Hines building something than I do any of the other developers.Hines has should the balls to take a risk on Houston more than the others I don't know. They left the 1000 block of Main Street remain as surface parking for like 15 years after the Lamar was demolished. I kind of foresee the same fate for the Chronicle structures. Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted June 30, 2015 Share Posted June 30, 2015 I don't know. They left the 1000 block of Main Street remain as surface parking for like 15 years after the Lamar was demolished. I kind of foresee the same fate for the Chronicle structures. Although that was a uniquely catastrophic bust. OPEC going from a complete embargo on western countries to flooding the market. Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 30, 2015 Share Posted June 30, 2015 I don't know. They left the 1000 block of Main Street remain as surface parking for like 15 years after the Lamar was demolished. I kind of foresee the same fate for the Chronicle structures.They have said again and again they're not interested in renovations. The buildings are going bye bye if Hines is purchasing. 3 Quote Link to comment Share on other sites More sharing options...
tangledwoods Posted July 2, 2015 Share Posted July 2, 2015 So Hines paid $50 million for this and if i remember correctly Skanska paid around $20 for the Houston Club. Seems like a pretty big premium for what exactly? Quote Link to comment Share on other sites More sharing options...
cspwal Posted July 2, 2015 Share Posted July 2, 2015 Location, location, location (namely right smack dab in the middle of downtown) 2 Quote Link to comment Share on other sites More sharing options...
Sunstar Posted July 2, 2015 Share Posted July 2, 2015 According to Wikipedia, the facility was once four separate structures that were joined together in the 70s. The original structures are 115 years old. Trying to find a picture from before they were joined. 2 Quote Link to comment Share on other sites More sharing options...
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