HOUSTON – (Realty News Report) – A division of MVL Group acquired the Republic Building, an eight story, 19,850-SF office building located across from the Harris County Courthouse in Downtown Houston.
The historic building, 1018 Preston Street at Fannin, was built circa 1907.
The building will undergo a significant refurbishment. “We will be immediately implementing a series of beautification projects such as replacing the missing cornice, artwork on the walled up exterior sides of the building, and removing the entrance, as well as a complete overhaul of the HVAC system and elevator,” said Abie Musa, founder of MVL Group, a global defense contractor and construction management firm.
The building housed the United States District Court in 1910. The Republic Building was admitted to the National Register of Historic Places in 1979.
The seller, Republic Building TX LP, was represented by Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield.
The buyer is a subsidiary of MVL Group, a U.S. based industry leading U.S. government prime contractor with an International footprint and worldwide offices, MVL was founded and is led by former Houstonian Abie Musa.
“As a former Houstonian of 15 years, it gives me personal satisfaction to invest in Houston’s iconic downtown, especially given the present economic environment. The historically important Republic Building, and it connection to the U.S. Government as the previous US District Court, is a fitting location for the HQ for MVL Group’s core business as a US Government contractor,” Musa said.
Veteran Houston real estate broker Fred Ghabriel of Bejjani & Associates represented MVL Group. The firm is a global defense contractor and construction management company with a concentration in the Middle East, Central Asia, and North Africa.
The Houston building, located on Block 45, has the advantage of close proximity to the court system, which is attractive to legal tenants.
The building is about two blocks from the historic Market Square and the new Texas Tower, a 47-story office tower under construction by Hines.
Investment sales activity has not been brisk in recent months as the Houston real estate market deals with the coronavirus pandemic and a sharp decline in the energy industry.
June 26, 2020 Realty News Report Copyright 2020