HOUSTON – CBRE Global Investors (CBG) took a $70 million hit after completing its sale of the Marathon Oil Tower to Baupost Group and local firm M-M Properties.
The nearly 1.2 million-sf, 41-story, Class A office tower sold for $175 million, or approximately $146 per sf.
Marathon Oil Tower is located at 5555 San Felipe St. in Houston's Galleria and is 90 percent leased.
CBG paid nearly $245.5 million for the office tower that serves as Marathon Oil Corp.'s global headquarters in late 2013.
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