By Ralph Bivins
The former Gulf Building – an Art Deco landmark on Houston’s skyline is being marketed to investors by HFF. The 37-story Main Street landmark could bring as much as $110 million in the sale, reports the authoritative Real Estate Alert newsletter.
The building, 712 Main, was completed in 1929 by legendary developer Jesse H. Jones, the former publisher of Houston Chronicle years ago. The 800,000-square-foot building was Houston’s tallest building until the Exxon Mobil (formerly the Humble Building) was erected in 1963.
The owner, Brookfield Asset Management, bought the building in 2010 and it has spent over $6 million on improvements, including modernizing the elevators, Real Estate Alert said. Texas Commerce Bank performed an extensive $50 million renovation of the structure in 1989.
The Chase bank lobby on the first floor features stained glass windows, marble floors and three-story atrium.
Designed by architects Alfred C. Finn, Kenneth Franzheim and J.E.R. Carpenter, the tower is listed on the National Register of Historic Places.
JPMorgan Chase has a long-term lease, until 2030, in the building for 480,000 square feet and its rent is below current market rent, Real Estate Alert said.
The 712 Main building was the most-prized property in a 16-building portfolio Brookfield bought from JPMorgan Chase three years ago for $200 million