Houston's 1000 Main to sell for $435MHouston's 1000 Main to sell for $435Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15632015-03-06T13:18:00Z2015-03-05T00:00:00Z

HOUSTON - After less than a year on the market, 1000 Main, an 837,000-sf, 36-story tower in downtown, has reached an agreement with a buyer for $435 million, according to Real Estate Alert.

The buyer, Seattle-based Metzler Real Estate, was originally the runner-up bidder for the tower.

Chicago-based LaSalle Investment Management was the original winning bidder at $537 per sf, or about $450 million total. In January, it was reported that LaSalle backed out of the preliminary deal due to market fears of falling oil prices.

After LaSalle's exit, the building owners turned to Metzler, which has agreed to pay $520 per sf, according to Real Estate Alert. Houston's current record for a building sale is $524 per sf when the Hess Tower sold in 2011.

The building's current owners, Dallas-based Invesco Real Estate and an unidentified Australian entity, put the tower up for sale in September. At the time, the building was estimated to be worth around $440 million.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/morning_call/2015/03/downtown-skyscraper-to-sell-for-435m-after.htmlRead more at {Source}

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