BREAKING NEWS

Demand for Vacation Homes Nosedives

DC Partners Adds Kimpton Hotel to Fredericksburg Project

RNR Real Estate Briefs – Texas & more

Houston Design District Adds Modern Apartments

Green Builder: AI, Sustainability are the Future, Beazer CEO Says

Walmart’s ‘Store of The Future’ Prototype Opens in Houston

REALTY NEWS REPORT - Logo

Downtown Houston
RNR-RalphBivinsProject-Interviews
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact
FacebookLinkedinYoutubeEmail
REALTY NEWS REPORT - Logo

Skanska Announces Construction has Started on Downtown Skyscraper with Bank of America as Anchor

by Realty News ReportApril 12, 2017
Share0
Rendering of the Capitol Tower under construction in downtown Houston. Gensler designed the project.
Rendering of the Capitol Tower under construction in downtown Houston. Gensler designed the project.

HOUSTON- Skanska announced Wednesday that it has started construction on Capitol Tower, a 35-story office development in downtown Houston, after reaching a lease agreement with Bank of America.

Bank of America leased 210,000 SF and it expects to move into the new building in first half of 2019. JLL represented Bank of America.
Warren Savery, Kristen Rabel and Rima Soroka of CBRE represented Skanska, which announced several years ago its plans to build the office tower on the downtown site, a block bounded by Capitol, Rusk, Milam and Travis streets.
In recent weeks, several large construction cranes have been erected on the site, indicating that Skanska was ready to start. The foundation for the new tower was poured in August 2015 and a parking garage has been built on the site. In October of 2014, the 18-story Houston Club building was demolished to make room for Skanska’s Capitol Tower, 800 Capitol.
The tower, designed by architectural firm Gensler, offers 754,000 SF of office space and an expansive, two-level atrium that features more than 26,000 SF of retail and restaurant space. It will be connected to the downtown tunnel system.
For years, Bank of America has been the anchor of the Bank of America Center, a tower developed by Hines at 700 Louisiana.
“Houston is an important growth market for Bank of America,” said Hong Ogle, Houston President, Bank of America. “We are pleased to be the anchor tenant at the tower, giving us the opportunity to co-locate our Merrill Lynch, U.S. Trust, Global Banking & Markets, Retail and Home Loans teams so we can have stronger collaboration in better serving our clients while ensuring responsible growth to our company.”
Last fall, Skanska engaged the CBRE real estate firm to find tenants even as the Houston office market showed signs of weakness.  Downtown has a significant amount of vacant space and sublease space, most notably over 800,000 SF in One Shell Plaza which Shell has vacated to go to a suburban campus.
Houston has the highest office vacancy rate (21.5 percent) in the nation, according to a recent report by Marcus & Millichap.
Houston recorded almost 800,000-SF of negative absorption in the first quarter, says NAI Partners.

April 12, 2017 Realty News Report Copyright 2017

Share0
previous post
Texas Leads the Hit Parade of Adaptive Re-Use as Strong Demand for “Creative Office Space” Transforms Historic Structures
next post
Record Home Sales: Best March Ever in Houston Real Estate History

Related posts

Demand for Vacation Homes Nosedives

Realty News ReportMay 19, 2025

DC Partners Adds Kimpton Hotel to Fredericksburg Project

Realty News ReportMay 17, 2025May 17, 2025

RNR Real Estate Briefs – Texas & more

Realty News ReportMay 17, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Search News

CommGate
new version
ECD-RealtyNewsReport-Ad-300x250
Partners Ad
CBRE Ad
Arch Con Corporation Ad
Hines Ad
Avera Ad
RNR Ad 030124
Ziegler Cooper Ad
Lee & Associates Ad
2021 Realty News Report Ad
RNR - Lincoln Property Company
Hal Gordon - Property Tax Lawyer
Hunington Ad
230725-RNR_Digital-Ad_Red
Hunington Ad

Let's Connect

logo
About US
Author Ralph Bivins is editor of Realty News Report, which covers regional and national news. Bivins recently received the Gold Award for Best Column in the National Association of Real Estate Editors Journalism Competition. Contact us
Follow us
FacebookLinkedinYoutubeEmail
@2022 All Right Reserved. Powered by CGS Digital Marketing
REALTY NEWS REPORT - Logo
FacebookLinkedinYoutubeEmail
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact