REBusinessOnline

53-STORY HERITAGE PLAZA TO TRADE IN HOUSTON

HOUSTON – Heritage Plaza, a 53-story, 1.2 million-square-foot office trophy tower in downtown Houston, will be sold to Brookfield Office Properties for approximately $325 million. Atlanta-based Goddard Investments is selling the property to New York-based Brookfield after dealings with San Antonio-based USAA Real Estate didn’t transpire. Located at 1111 Bagby St. in the central business district, Heritage Plaza was acquired by Goddard Investments in July 2005 for $121 million. Goddard improved the building’s occupancy from 45 to 89.5 percent with the addition of tenants like Deloitte and EOG Resources at 292,000 square feet and 252,000 square feet respectively. The transaction with Brookfield would mark the city’s second highest price ever paid for an office building, only behind the sale of the Bank of America Center in August 2007 for $367 million.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
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‣ Walker & Dunlop

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