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Any updates on 800 Bell?

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http://www.bizjournals.com/houston/blog/breaking-ground/2014/10/inside-theformer-exxon-buildings-transformation.html

 

You can add another tower to the ever-growing lineup of new buildings on tap for downtown Houston, according toTranswestern.

Currently known by its address, 800 Bell, the 45-story tower occupied by Exxon Mobil Corp. is not being renovated. It’s being reconstructed, said Eric Anderson, executive vice president at Transwestern’s Houston office, which is marketing the property.

“It will be a newly developed product. The only thing that is being reused is the concrete. Everything else will change,” he said. “It will have all the same attributes of the new office buildings being constructed downtown.”

The new design will include floor-to-ceiling windows, 9-foot ceilings, widened floor plates, a three-floor expansion of the existing parking garage, a 12,000-square-foot fitness center, a food service area, an outdoor courtyard, a conference center and a connection to the underground tunnel system.

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"Reconstruction, brand new building" sounds like someone with a marketing degree came up with with 

 

 

 

Eric Anderson, executive vice president at Transwestern’s Houston office, which is marketing the property.

 

 

oh, yep... this is a renovation. 

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I can't get past the Chronicle Pay Wall but if it means the city moves in and the don't renovate, not great news.

No way the city pays Class-A rents right?

A lot of people didn't want to see the renovation anyway.

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i agree its not the most pleasant building at the moment (it definitly could use some clean up and small renovations), its a great example of Mid Century Modern and will be a shame when its gone.

i just wish they could save the design and convert it to condos or something, saving the fins as balconies. heck, they could of applied for the downtown living initiative and gotten that $15,000 a unit to go towards their conversion.

mainjadetower.jpg

jade2.jpg

admittedly this Miami proposal looks way too tall and out of scale, but i think a similar exterior design on our shorter ExxonMobil building would look nicely.

ext.JPG

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I think the idea has dome merit. Having this baby filled up would be good for the overall picture. No idea about its suitability. But I do known this...th Patrolium Club space would make a hell of a commissary.

I think the idea has dome merit. Having this baby filled up would be good for the overall picture. No idea about its suitability. But I do known this...th Patrolium Club space would make a hell of a commissary.

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I think the idea has dome merit. Having this baby filled up would be good for the overall picture. No idea about its suitability. But I do known this...th Patrolium Club space would make a hell of a commissary.

I think the idea has dome merit. Having this baby filled up would be good for the overall picture. No idea about its suitability. But I do known this...th Patrolium Club space would make a hell of a commissary.

Hitting the bottle a little early Navi?

 

I used to hate this building, but now I have some serious respect and appreciation for it. I wasn't looking forward to the complete overhaul.

 

Kind of fitting the city leases space here. Take that Los Angeles Water Works.

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The Chronicle article indicated that leasing the entire tower would be about $35 million per year. It would provide 10% more square footage than the city's existing buildings.

 

Given that the city is seeking more space, and the renovation was supposed to increase the square footage of this tower, I would not be completely astonished if the renovation were to move forward. The city has 18 acres with the existing complex. That land could be moved in due time.

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The Days Inn isn't in that photo, Nate99.  It wasn't built until 1971.

 

Right you are. After consulting a map, that's Houston House in the foreground under construction

 

Days Inn's block looks better.

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Didn't realize HH was that old either.

Anyway if the city leases Exxon and the building isn't drastically renovated as originally planned, this will be the best news I have heard in a while.

I was concerned about

1. A complete overhaul

2. Chevron leasing and staying longterm instead of building.

I love this building.

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I like this building. I am for some slight renovations and improvements, and I am for using it for municipal courts / Police HQ

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Lower right-hand corner is the ATT building folks were talking about on a different thread.... proof that there is something smaller, and older hidden there.

 

Interesting photo of 800 Bell.  I think moving Municipal Courts and HPD there certainly solve several problems.

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That's probably the best luck Shorenstein has had since this redevelopment got announced. This may be one of those instances where both the City and the developer got lucky. The developer gets a 100% occupied building, and the City avoids spending a billion dollars.

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Ok, back of the napkin calculations here...

 

Whoever said the building would lease for $35 million a year is figuring around $30/sf rent, which makes sense for its age and condition. But this would be a home run for Shorenstein. Average downtown office cap rate is a little over 7%. This would be higher if it's a shorter than average lease term and there's still the risk the city decides to leave down the road and build their own facility, but that is tempered by the city's AA credit. So let's say this trades at a 7 cap... Shorenstein then sells the building for $500 million, one of the biggest sales in downtown history. Even at an 8 cap, that's $440 million. A 9 cap for something like a 5 year lease is still $390 million. When you consider that they probably paid around $50 million for it and will sink maybe $20 million in renovation costs, that is a pretty nice profit to have cleared. 

 

Someone tell me what I'm missing.

 

Edited by H-Town Man

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Ok, so here are my notes:

 

* The tower size and parking situation maybe suitable, even 'ideal' for police headquarters and municipal courts, aka "Justice Complex".

* 800 Bell still needs light to moderate renovations

* The building will need to accomodate the technology and security the city needs

* Would lease the entire building

* The current city complex will be sold to developers, probably for $$$ (18 acres downtown)

* Could be financially smart for the city

* Would be good for Shorenstein

 

----

 

Would the Justice complex have a negative effect on the area? I would say: No, better to be fully occupied and tightly contained. Also better to have the building be occupied and maintained.

 

Would the building be connected to the tunnel system, now? I don't know...

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Actually, if the City did relocate the Police HQ over that way - then the current building they are in off Dallas Street can be either torn down (no real loss of architecture) and the plan to keep pushing retail along the Dallas Street corridor can continue.

 

There are buildings MUCH older than 800 Bell not only *in* Houston, but around the country and elsewhere in the world that hold more sensitive government functions than a city police hq.  If buildings that are hundreds of years old can be brought into modern times with security/technology features then a 50 year old modern highrise that currently houses the 2nd or 3rd largest company in the world can!

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Actually, if the City did relocate the Police HQ over that way - then the current building they are in off Dallas Street can be either torn down (no real loss of architecture) and the plan to keep pushing retail along the Dallas Street corridor can continue.

 

There are buildings MUCH older than 800 Bell not only *in* Houston, but around the country and elsewhere in the world that hold more sensitive government functions than a city police hq.  If buildings that are hundreds of years old can be brought into modern times with security/technology features then a 50 year old modern highrise that currently houses the 2nd or 3rd largest company in the world can!

 

I believe they said 800 Bell only has 10% more office space than the current justice complex off Houston Ave., so I doubt they can add the police headquarters into the mix. I also imagine the police like having a separate pad from the justice department. Even if the police left, I think it's important for downtown to have older office buildings as it allows for a broader range of tenants and makes downtown a workplace for more people. You cannot get the low rents on a new building that you can on an old.

 

I also don't see the Dallas St. shopping district going west of Main St.; I think before that happens it will go north on Main St. and then double back towards the convention center on McKinney. I see redevelopment in the future for the stretch of McKinney along The Park Shops and that grassy embankment across the street.

 

The other thing we're not talking about is what happens to the 18 acres off Houston Ave. after the city is gone??? :-O

Edited by H-Town Man

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The other thing we're not talking about is what happens to the 18 acres off Houston after the city is gone??? :-O

 

Big old surface lot!

 

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new designs are knocking off mid-century looks and it seems that those who like the knock offs should like 800 bell....this is not the case, unfortunately. what's the disconnect? is it because it isn't a shiny finished new look yet?

800 bell needs some renderings of what a bright shiny new "preservation sensitive" renovation would look like. it might change some opinions.

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Agreed Bach.

Does anyone have a map of the 18 acre judicial complex location? Could be interesting to build a park half the size of discovery green and surround it with brand new high rises..

Edit: oh, is it across 45 from the aquarium? Thought it was actually IN downtown. Maybe they could build a creative addition to Buffalo Bayou park, linked to the bayou under the highway.

Edited by cloud713

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Seems like it would include everything in the upper polygon in this image, and maybe the lower polygon as well. This also almost touches a corner of the post office site across the freeway, so massive redevelopment opportunities for this part of downtown.

 

post-12-0-54169800-1422643339_thumb.png

 

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The other thing we're not talking about is what happens to the 18 acres off Houston Ave. after the city is gone??? :-O

 

The thinking by Central Houston, Inc. back in 2004 with their Framework for the Future was to reconstruct 45 further west under this property.

 

http://www.centralhouston.org/Home/DowntownHouston/Frameworkforthefuture/

 

Great illustrations and maps. Worth perusing.

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Seems like it would include everything in the upper polygon in this image, and maybe the lower polygon as well. This also almost touches a corner of the post office site across the freeway, so massive redevelopment opportunities for this part of downtown.

 

attachicon.gifjustice complex.PNG

do you see what i see? if you dont mind walking under an overpass, the Justice Complex has pretty decent bayou frontage. there is definitely potential to link that 18 acres into BBP and build new amenities and what not on the site. this could be a decent place for the Houston Needs A Swimming Hole. about as close to downtown as you could possibly get, without actually being IN downtown.

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