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800 Bell St. (Former Exxon Building) Conversion to Residential


TheNiche

Exxon Building, Love it or hate it?  

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  1. 1. Exxon Building, Love it or hate it?

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i would expect next to no movement on this in the near term... things are starting to get reeeaaal ugly. anyone blowing sunshine up your keester is clueless.

 

I guess this gives me more time to get some pictures of it before they go all nip/tuck on it.  Anybody on here in a north-facing room at 2016 Main??  Will pay beer in exchange for balcony access :)

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i would expect next to no movement on this in the near term... things are starting to get reeeaaal ugly. anyone blowing sunshine up your keester is clueless.

 

Agreed. Inflation adjusted, oil prices are now below 1990 and 2000 levels: http://www.calculatedriskblog.com/2016/01/is-oil-cheap.html

 

I just don't see any viable office in this market at all.

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I guess this gives me more time to get some pictures of it before they go all nip/tuck on it.  Anybody on here in a north-facing room at 2016 Main??  Will pay beer in exchange for balcony access :)

 

sometime last year it was repeated that shorenstein was already committed to reskinning the building but i have no idea if that's even viable anymore.

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sometime last year it was repeated that shorenstein was already committed to reskinning the building but i have no idea if that's even viable anymore.

 

Would Shorenstein seek out tenants at much reduced rates on a shorter-term basis to recoup some of their holding costs? I understanding keeping a parking lot as is to keep property taxes, maintenance, and liability costs down, but holding a vacant skyscraper such as this one would be much more expensive.  This was the one project where, despite the severe oil downturn, I thought the economics might favor pushing through with the renovation to seek higher rents down the line.  

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Jgriff & Nate whispering under their breath "damn"... ;)

She's spared (For now). A real shame the city didn't decided to occupy this space. Will be interesting to see how long this downturn lasts and how long after prices rise that the O&G companies will start growing again.

 

The owners can do whatever they want as far as I am concerned, I don't really care.

 

This thing is huge though. I wonder what the economics of rehabbing it will be if it sits barely maintained for an extended period, and maintaining it well could quickly bankrupt whatever LLC was established to hold it with an expectation of redevelopment. If neglected, this could make the Days on Earth Inn look pretty and unobtrusive by comparison.

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Dallas has had a tower of similar height and vintage sitting vacant for awhile. I was hoping such a thing wouldn't happen to OUR downtown, but it is what it is.

Will downtown have had any net increase in office space from this cycle, when you factor the addition of 609 Main and Hilcorp against the loss of this building and Houston Club? Maybe just a couple hundred k?

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Dallas has had a tower of similar height and vintage sitting vacant for awhile. I was hoping such a thing wouldn't happen to OUR downtown, but it is what it is.

Will downtown have had any net increase in office space from this cycle, when you factor the addition of 609 Main and Hilcorp against the loss of this building and Houston Club? Maybe just a couple hundred k?

How much space did Exxon have at 1301 Fannin?

Might be a good opportunity to turn 800 Bell into a residential. Something affordable, give Ivy Lofts a run for their money. I wonder if the fins could support a balcony? Thin metal railings wouldn't be too damaging to the look?

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Might be a good opportunity to turn 800 Bell into a residential.

I wonder if the fins could support a balcony? Thin metal railings wouldn't be too damaging to the look?

I've been thinking this for a while, even said something about that not long ago. It's been clear for some time that more office space isn't needed downtown anytime soon.. Turn it into residential! As for the balconies, someone shot my fin to balcony conversion down saying they arent meant to hold any weight, but if Shorestien was going to expand the floor plates out, why couldn't something be figured out for making the fins support balconies or rebuilding the fins/balconies entirely?

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I've been thinking this for a while, even said something about that not long ago. It's been clear for some time that more office space isn't needed downtown anytime soon.. Turn it into residential! As for the balconies, someone shot my fin to balcony conversion down saying they arent meant to hold any weight, but if Shorestien was going to expand the floor plates out, why couldn't something be figured out for making the fins support balconies or rebuilding the fins/balconies entirely?

 

Also use tempered glass for railing on the balconies to give minimal impact to the apperance.

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Not moving forward soon:

 

Quote

The fate of 800 Bell has been up in the air for some time now, but a spokesperson for California-based Shorenstein Properties, which owns the downtown building, said any planned renovations for the 45-story office tower are on hold.

To move forward, the project requires "a significant sized user to prelease the building in order to commence reconstruction," Transwestern's Eric Andersontold the Houston Business Journal. Transwestern is marketing the 1.3 million-square-foot building, which makes it the most available contiguous space in Houston.

http://www.bizjournals.com/houston/morning_call/2016/07/redevelopment-plans-for-downtown-tower-on-hold.html?ana=RSS%26s=article_search

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5 minutes ago, Triton said:

With a new mayor, I think that's probably the most logical choice especially since they are in desperate need for a new building.

 

My guess is they strike a deal, at some point in the next 8 months. They do a combination of renovations of that building for courts and offices. They also buy a lot nearby (maybe in Eado or Northside) for the police dispatch, making them happy with a more horizontal campus. Justice complex combing both is adjusted. In 2-3 years they will sell the land as the market is rebounding.

Edited by Avossos
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1 minute ago, Avossos said:

 

My guess is they strike a deal, at some point in the next 8 months. They do a combination of renovations of that building for courts and offices. They also buy a lot nearby (maybe in Eado or Northside) for the police dispatch, making them happy with a more horizontal campus. Justice complex combing both is adjusted.

If they do reach a deal, perhaps those wanting the original design may win. Perhaps the city can get a discount to lease this building if only the internal offices are renovated, with the exterior simply cleaned perhaps. Shorenstein did want to modernize the building though, so who knows... guess we'll just have to wait and see what happens.

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13 minutes ago, Triton said:

If they do reach a deal, perhaps those wanting the original design may win. Perhaps the city can get a discount to lease this building if only the internal offices are renovated, with the exterior simply cleaned perhaps. Shorenstein did want to modernize the building though, so who knows... guess we'll just have to wait and see what happens.

 

Oh I agree that if Houston does take the space, the exterior will likely remain (hopefully cleaned up a bit). I hope that this does get connected to the tunnels however, whatever happens to the building.

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