Houston, Texas

A joint venture of Housing Horizons LLC and Leddy Ventures Ltd. has contracted a team from Colliers International to sell the Humble Building, a historic office complex redeveloped as a mix of hotel, residential and retail space. Although the seller has not set an official asking price, parties close to the deal have discussed a "whisper" price of $125 million to $130 million for the landmark structure in Downtown Houston.

"We're keying into global capital markets and sovereign funds," says team leader Teresa Lowery, a principal in Colliers' Houston office. "We're specifically targeting our marketing efforts toward foreign investors that have an interest in acquiring property in the energy capital of North America." Housing Horizons, a wholly owned subsidiary of Irving, TX-based Kimberly-Clark Corp., and San Antonio-based Leddy acquired the 1212 Main St. property in 2003 and spent $70 million to $80 million to restore the exterior and transform the interior for hotel and residential use.

Originally built as the headquarters for Humble Oil Co., the complex consists of three adjoining structures built in 1921, 1936 and 1940, respectively. The first and third structures were converted into a 191-room Courtyard by Marriott and a 171-room Residence Inn by Marriott while the second was refashioned into 82 luxury apartments. The complex also includes 10,000 sf of ground-floor retail space and a 252-stall parking garage.

According to Lowery, both hotels report high occupancy levels, and the apartments, averaging 906 sf, are 100% leased, with current rents running $1.60 sf per month. She says the apartments were built to condominium standards, with high-end features like granite counters and hardwood floors. The hotels are operated by Marriott International Inc. of Bethesda, MD. The apartment building is managed by Dallas-based Westdale Asset Management.

Lowery tells GlobeSt.com the property's central location along the city's light-rail system makes it especially attractive. It also is located across the street from Houston Pavilions, a $170-million project currently under construction that will include 200,000 sf of office, 360,000 sf of retail and 140,000 sf of other uses. Confirmed tenants include Lucky Strike Bowling, Forever 21 and a 44,000-sf House of Blues.

In addition to Lowery, members of the marketing team include Hank Wolpert and John Keeling of Colliers' affiliate PKF. Wolpert is managing director of the Dallas office of PKF Capital. Keeling is senior vice president and executive-in-charge of the Houston office of PKF Consulting. The team expects to launch the official marketing effort by the second week of July.

About Colliers International

Colliers International is a global affiliate of independently owned and operated commercial real estate firms. The organization’s 10,171 employees span the world in approximately 267 offices in 57 countries. On a worldwide basis, Colliers manages 672.9 million square feet, with 2006 transactions valued at $63.5 billion and revenue in excess of $1.6 billion.

For 50 years, Colliers International has provided real estate solutions to many of Houston’s leading corporations, institutions, and small businesses, making us the longest-standing full-service firm in the Greater Houston area. Our services include owner and tenant representation in leasing, acquisition, sale and financing for office, industrial, retail, investment, medical, and mixed use development and land.

Contact Information

J. Fred Baca 

President

713.830-2125

fbaca@collierstexas.com

 back to top