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Texas Tower: 47-Story Office Tower At 845 Texas Ave.


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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.

That is correct. Wish they could be returned to their original existence, especially the theater

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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?

Well, for one, Hines is getting an extra half-block of land with a usable parking garage. That's easy revenue for holding the thing. Secondly, far more Downtown blocks have been or are actively being constructed upon. There just aren't as many parcels such as this to go around any more.

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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. 

 

Here's two of them from the other Chronicle topic.  The current building incorporates the original structure, the Majestic Theater, an extension that was built on top of the theater, the Milam Building (would be on the left in the picture), and the printing press addition in back.

 

large.jpg?1322441971

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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?

The HC building itself was probably a big liability that drove down the overall value. To replace it, they had to do that whackadoo parking garage thing that didn't even work. The Chronicle spots have some advantages over that.

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I suspect that joining the buildings may have caused irreparable damage, at least to the point that you couldn't restore them to its former state.  

 

I'd be very curious as to whether any vestiges of the buildings' former configuration have remained visible from the interior of the current structure.

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The information comes from here:

 

https://www.bidclerk.com/project/3144909.html

 

Demolition, site work, and new construction of a mixed-use building in Houston. Conceptual plans call for the demolition of an existing ten-story office building and the construction of a mixed-use tower to contain office, retail and restaurant space...

 

Someone can share more with us if they have full access to BidClerk.

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Any hope that the rendering of the spire going to transition to reality?

 

Btw, if they're having trouble filling Capitol Tower, what makes Hines think they can fill a new high rise when their new 48-story tower will likely deplete the lease-pool even more than it already is?

Edited by wxman
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Any hope that the rendering of the spire going to transition to reality?

Btw, if they're having trouble filling Capitol Tower, what makes Hines think they can fill a new high rise when their new 48-story tower will likely deplete the lease-pool even more than it already is?

No that conceptual rendering was terrible. A Randal Davis wet dream.

Although a spire would be a breath of fresh air, just not that particular one ;)

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I'd be very curious as to whether any vestiges of the buildings' former configuration have remained visible from the interior of the current structure.

 

Yes, the vestiges are still there, but you have to be observant to notice them, like the upper floors not lining up, and having to make a big U shaped walk around on the middle floors to avoid the high ceiling of the theatre building. 

ADA ramps were added all over the place throughout the years to make the buildings accessible. The printing plant, completed in the early 60's, is really a trip to experience. Workers walk in and around an  "in floor" conveyor system continously moving large bundles of newsprint on carts circling the presses. The bundles are delivered as needed by a flip of a lever, dumping the bundle at the press machine as the others continue to move along. The empty cart then deverts itself to the side as a full one enters on to the track. It's appears really unsafe and scary, but I guess it was state of the art at it's time. 

Sad to see it go, but I'd guess that the Post plant on 59 is a much better facility in comparison.

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Yes, the vestiges are still there, but you have to be observant to notice them, like the upper floors not lining up, and having to make a big U shaped walk around on the middle floors to avoid the high ceiling of the theatre building. 

ADA ramps were added all over the place throughout the years to make the buildings accessible. The printing plant, completed in the early 60's, is really a trip to experience. Workers walk in and around an  "in floor" conveyor system continously moving large bundles of newsprint on carts circling the presses. The bundles are delivered as needed by a flip of a lever, dumping the bundle at the press machine as the others continue to move along. The empty cart then deverts itself to the side as a full one enters on to the track. It's appears really unsafe and scary, but I guess it was state of the art at it's time. 

Sad to see it go, but I'd guess that the Post plant on 59 is a much better facility in comparison.

 

IIRC the printing presses that were in the downtown facility were sold off and moved out within the past year or two - I've seen a photo of one of them being moved, but I can't find it now. They were decommissioned several years before that, and all Chron printing operations have been run out of the former Post facility since then.

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Right now Hines is building a 45 story tower in Chicago on spec - the first office tower to be built on spec there since 1998. The vacancy for that submarket (West Loop) is 14.6%. Meanwhile downtown Houston's vacancy is around 9%, although of course Houston is weakening at the moment and Chicago is strengthening. This could be a situation of get ready, wait for good news from the oil sector, pull the trigger.

 

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[ "Huote name=astros148" post="505068" timestamp="1436144045]

With the new 609 main tower, capital tower having hard time getting commitments, also 6 allen center on hold, International tower on hold, how much demand is there left?

Anyone else see this as a 37 story type of building in reality?

37 stories? That's very generous of you lol. You forgot also that they cannot even fill 6 Houston center, a "squaty" 30 story building

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[ "Huote name=astros148" post="505068" timestamp="1436144045]

37 stories? That's very generous of you lol. You forgot also that they cannot even fill 6 Houston center, a "squaty" 30 story building

I think it's about timing. 6 Houston Center has been on the table for a while now (early 2000's). Since that time Hines has developed 717 Texas, BG Group Place and now 609 Main. Crescent tries to build 6HC just as the economy takes a slide.

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With the residential and hotel development, there are fewer parcels to go around Downtown. This location could be linked to the tunnel system. Hines could (and would be well advised to) delay development until they secure a major tenant for 609 Main. A $55 million initial investment warrants something substantial in order to get a good ROI.

Edit: I should clarify that, although I would be happy to see it happen, I do not think this location will likely get a 70-story building. However, increasing scarcity of lots Downtown well warrants waiting a bit to build something larger than what has been proposed for 6HC.

Edited by houstontexasjack
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The location of this property is prime and is the best spot for a supertall imo. I just dont see them building a 70 story, nevertheless the tallest in the building. Imo the best we could get would be a 45 story with some sort of spire. 

 

I think it all depends on how well 609 does. If it becomes the next BG Group for Hines, then excellent.

Edited by astros148
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So you really see this being a 40+ office tower? Until we get zoning in place, companys would rather bulild multiple smaller towers across the city then building anything substantial.

Might be another 30 yrs till we see a 70 story .

 

We are regularly treated to wild exaggerations on this board as to what zoning would do.

 

Even cities with zoning have office towers rising outside of their downtown areas (multiple smaller towers across the city) rather than building more substantial towers downtown.  One only hast to look to our neighbors to the north to see a prime example.  We are unlikely to put zoning in place in Houston in any of our lifetimes.  I would go so far as to say that Houston will absolutely not put in place a zoning scheme that would ban the construction of smaller towers across the city and require all major office buildings be built downtown.  Will. Not. Happen.  Ever.

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In my opinion, they will do one, or more of the following;

1)Lease the space as is

2)Remodel the building to accommodate a more 21st century office development market

3)Tear down all buildings

4)Tear down all building as and build one, or more of the following

a)Garage

b)Mixed Use

c)Skyscraper

d)Supertall

e)Residential

But that's just my opinion.

This is John Madden signing off.

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