Monday , 23 October 2017
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Two Historic Buildings in Downtown Houston Sold

HOUSTON — Two historic buildings in Houston’s Central Business District  have been sold to Braun Enterprises. CBRE represented the seller, Spire Realty Group.

The 10-story Great Jones Building located at 708 Main Street totals 78,843 sf. It was built in 1908 and was renovated in 2002, with additional upgrades as recently as 2012. The building has been home to Texas Company (Texaco), and was also formerly known as the Bankers Mortgage Building. The corner of the building on Main and Capitol contains retail storefronts and is also on the Metro Light Rail line.

The mixed-use McCrory Building contains 29,036 sf of office and retail space on the corner of Prairie and Main Street. It was built in 1912 and renovations were completed in 2000. The three-story building at 1004 Prairie is comprised of retail on the ground floor and office space on the two upper floors. When constructed, it was known as the Isis Theater, as it was a silent movie theater from 1913-1929.

Mike Hassler and Todd Casper with CBRE in Houston arranged the transaction on behalf of the Dallas-based seller, Spire Realty Group.

“We plan to stabilize both assets through an aggressive leasing strategy and an extensive capital improvement program,” said Dan Braun, principal with Braun Enterprises.

The acquisition of these two buildings is the buyer’s first venture in downtown Houston, but supplements the buyer’s existing holdings, most of which are in Houston. Houston-based Braun Enterprises currently operates and manages 2.2 million sf of multi-tenant office buildings, warehouses and retail centers which are occupied by more than 800 tenants. Braun Enterprises has acquired 1.4 million sf of commercial properties since 2010.

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