Houston’s Marathon Oil Tower sold by Hanover

HOUSTON – Marathon Oil Tower, in the Galleria/Uptown area, has been sold by Hanover Real Estate Partners. The 41-story office building, located at 5555 San Felipe St., is appraised at $214 million, according to the Harris County Appraisal District.

The 1.2 million-sf building is 93 percent leased with 60 percent occupied by its lead tenant, Marathon Oil Corp. The LEED Silver Certified property also includes a 13-level parking garage.

The building is currently home to businesses including insurance giant Aon Corporation, Houston-based wealth management firm Kanaly Trust Company, and engineering giant Baker Hughes Oilfield Operations Inc., among others.

Office rental rates in the Galleria area continue to climb. In third quarter 2013, the average office rent per sf in the Galleria area was $29.33, compared with $26.77 per sf in 3Q 2012, according to CBRE Group.