HOUSTON - Shorenstein Properties has acquired the 45-story Exxon Mobil building at 800 Bell in downtown Houston from Exxon Mobil. Shorenstein intends to redevelop the property to Class A status.
The tower was built in 1962 as the headquarters of Humble Oil & Refining and its 1.2 million sf and seven-story garage cover two downtown blocks.
The price paid for the building was not disclosed, but professional estimates are around $50 million. By comparison, the 1.8 million-sf Shell Plaza in downtown recently sold for around $550 million.
As part of the deal, Exxon Mobil, the seller, agreed to lease back the entire building until 2015, when it will relocate its employees to its new 385-acre corporate campus near The Woodlands.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.