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Hines considers new CBD tower

by Realty News ReportMarch 16, 2011
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SL Green Realty has contracted to sell 28 West 44th Street in Midtown Manhattan for $161 million, or $448 psf, to a joint venture of APF Properties and a Prudential Real Estate Investors managed fund. SL Green acquired the 359,000-sf, class B office building in 2005 for $105.5 million.

McCann Realty Partners is constructing a 324-unit apartment project near the northeast corner of Kingwood Drive and U.S. Highway 59 on Houston’s northeast side, according to a report by Katherine Feser in the Houston Chronicle.

Hines is considering building another major office tower in downtown Houston. The proposed building is slated for a Hines-owned block bounded by Main, Texas Avenue, Capitol and Fannin. An architect has been retained and schematic drawings are complete, says Mark Cover, chief executive officer of Hines’ southwest region. The building would not proceed unless a major tenant is signed, but Hines has reportedly been in serious discussions with a firm in the energy industry. The site is two blocks from Hines latest addition to the Houston skyline – the 46-story BG Group Place.

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