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Marathon Oil Tower Expected to Fetch $300M; And Change Houston’s Investment Narrative

HOUSTON – CBRE Global Investors is selling the 1.2 million-square-foot Marathon Oil Tower in Uptown Houston for at estimated $300 million or $250 per square foot, according to Real Estate Alert.

CBRE has been retained to market the 41-story building, 5555 San Felipe, near Yorktown Street. Marathon occupies 62 percent of the building. Baker Hughes Oilfield Operations occupies 42,000 SF, but it is unclear how the pending Baker Hughes/Halliburton merger will impact the building.

Closing a $300 million deal in a building with major energy tenants would be a boost to Houston real estate investment. Houston fell out of favor when oil tumbled late in 2014. Although a few gadflies and contrarians voice wild predictions of more oil-price declines, the market seems to have stabilized with West Texas Intermediate around $45 a barrel.

Oil companies will continue to feel pressure as the era of soft prices continues. But other parts of the Houston economy have stepped up.

The Marathon Oil building is north of the Galleria and south of the Memorial area.

Oct. 16, 2015

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