Thursday , 5 December 2019
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CBRE Fund Buys 41-story Marathon Oil Tower in Houston

HOUSTON – Marathon Oil Tower, a 41-story building in the Galleria area, has been sold to CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors. Terms of the transaction were not disclosed. Located at 5555 San Felipe, between Chimney Rock and Sage roads, the 1.2 million sf tower is 93 percent leased. The building is currently home to Aon Corp., Houston-based Kanaly Trust Co., and Baker Hughes Oilfield Operations. The building was completed in 1981.

Greenwich, Conn.-based Hanover Real Estate Partners took over responsibility for the management and oversight of the property from Lehman Brothers Inc. in 2003. At that time, the property was 100 percent leased to Marathon Oil under a lease that expired in December 2006.  Marathon had reduced its occupancy in the building.

Reed Miller and Ken Boyle, Managing Partners for Hanover Real Estate Partners, commented: “We sought an opportune time to sell this truly unique trophy asset and believe this attractive transaction makes sense for both parties. We enjoyed working with CBRE Global Investors to consummate this sale and are pleased to come to an agreement that creates immediate value for our investors.”

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