Tuesday , 12 December 2017
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Canadian REIT Buying Hess Tower for a Record Price in Houston

HOUSTON — Hess Tower, a new 29-story building in downtown Houston, is reportedly being sold to H and R REIT, a Canadian-based real estate investor, for a record $445 million.

The deal, if completed as planned, would amount to a sales price of $527 per square foot for the 845,000 sf tower, according to Real Estate Alert newsletter, a respected industry publication.

CB Richard Ellis has been marketing the tower, 1501 McKinney across from the Discovery Green park.  Hess leases the entire building and moved into it in June.

The Hess sale would surpass the previous record high price of $367 per sf which was paid for Bank of America Center.

The Hess building was developed by Trammell Crow in conjunction with Principal Real Estate Investors.

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