HOUSTON – Hearst Corp. is hoping to fetch as much as $40 million in the sale its downtown Houston Chronicle property.
Employees of the nation’s sixth largest newspaper are expected to relocate to the company’s facilities on the Southwest Freeway near Loop 610 in the fall of 2016.
HFF is marketing the Chronicle’s downtown property, covering 99,184 square feet of land on two blocks. It includes a 10-story building, 801 Texas, which will be demolished and a 560-space parking garage at 710 Preston.
With diminished short-term demand for new office and residential, the buyer is expected to be patient money with that can afford to hold the site for a number of years. No asking price was announced.