HOUSTON - Hines has been negotiating a $50 million deal to acquire the Houston Chronicle property in downtown.
The newspaper’s facilities cover 99,184 sf of land on two city blocks and would be an ideal platform for Hines to construct its next Houston skyscraper.
Hearst Corp., which owns the Chronicle, will relocate the newspaper offices to the former Houston Post property on Southwest Fwy. near Loop 610 next year.
The Chronicle site includes a ten-story building at 801 Texas Ave. and a 560-space parking garage at 710 Preston.
The Houston-based real estate development company is considering paying more than $50 million, perhaps as much as $55 million, for the Chronicle’s downtown property.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.