Tuesday , 24 October 2017
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Lionstone Buys Historic Gulf Oil Building in Houston

HOUSTON – Lionstone Group has purchased the 37-story historic office building at 712 Main St. in downtown Houston. The seller, Brookfield Asset Management was represented by Danny Miller and Trent Agnew of HFF. JP Morgan Chase is a main tenant and uses the property for its southwest regional banking operations. The building is 85 percent leased. The 800,000-sf building, 712 Main Street, was developed by Jesse H. Jones, former publisher of the Houston Chronicle. The building, which opened in 1929, has been designated a City of Houston landmark and a National Civil Engineering landmark, and is listed on the National Register of Historic Places.

“It is truly a local treasure nestled beautifully in the heart of downtown Houston, and cutting edge tenants are finding it very desirable,” says Lionstone Chief Investment Officer Glenn Lowenstein.

It was the tallest building in Houston until 1963. At one time a huge illuminated Gulf logo rotated on its roof.

The purchase price was not disclosed, but the building attracted strong investor interest, HFF said. “Interest in the property was strong due to the quality of the asset and the stable and predictable cash flow via JPMorgan Chase’s lease through 2030,” said HFF’s Miller.

Lionstone was formed in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein. The firm serves the interests of real estate capital by performing extensive market research to find unique productivity-driven investments—and thus unique value for investors—and by carefully managing investment risks.

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