By Ralph Bivins
HOUSTON – Shorenstein Properties of San Francisco is negotiating to buy the 1.1 million sf Exxon Mobil tower at 800 Bell in downtown Houston. The oil company is selling the 44-story tower in conjuction with its plan to relocate some 11,000 employees to its 385-acre corporate campus in Houston’s northern suburbs.
Shorenstein is expected to pay around $50 million for the property and Exxon Mobil will lease back the building for a couple of years until moving into its new 3.25 million sf campus facility, which is under construction.
Shorenstein declined to comment on the deal, but people in the real estate community said the San Francisco developer would place the Exxon Mobil tower in one of its powerhouse investment funds – Shorenstein Realty Investors Ten, which is capitalized with $1.23 billion.
Originally known as the Humble Oil Building, it was the tallest building west of the Mississippi when it opened in 1963. The famous Petroleum Club is located in the top floors of the building.
Shorenstein currently owns two buildings in Houston near the intersection of San Felipe and Loop 610: the 28-story Five Post Oak Park building, which is across the street from the St. Regis Hotel, as well as the 21-story 2000 West Loop South tower on the freeway’s west side frontage road.