Harris County set to buy downtown Houston office building for close to $29M

County will centralize its operations at 1111 Fannin Street

National /
Jun.June 09, 2021 06:00 PM
1111 Fannin Street, Houston (Google Maps, iStock)

1111 Fannin Street, Houston (Google Maps, iStock)

Harris County is set to purchase a downtown Houston office building for close to $29 million.

County commissioners gave the Harris County budget management’s office the go-ahead to complete the purchase of 1111 Fannin Street from Triten Real Estate Partners, during a June 8 meeting. The acquisition — which will conclude the county’s quest to centralize its operations — may not exceed $28.9 million, the commissioners said. The county will issue $29.6 million in bonds to finance the buy.

Triten purchased 1111 Fannin from Taconic Capital Advisors in December 2020. Terms of the deal were not disclosed but the building was valued at $21 million, according to a third-party data firm cited in a Houston Chronicle report.

As of January, Harris County had appraised the value of the building at $44.6 million, according to tax records. Triten has a formal hearing scheduled with the Harris County Appraisal District on June 21 to discuss the building’s value.

Triten and the National Land Tenure Company did not return a request for comment on the transaction.

The 17-story, 429,000-square-foot building sits in Houston’s central business district, and is connected to the city’s underground tunnel network, near Discovery Green Park, the Four Seasons Hotel and the Green Street development.

JP Morgan Chase moved out of the property in January 2021 and returned to Houston’s tallest tower — a 75-story building owned by Hines and Cerberus Capital Management’s 600 Travis Street. That building was renamed as the JPMorgan Chase & Co. Tower.

In March 2021, the budget office proposed acquiring a building to centralize its operations. It also previously floated the idea of constructing a new building for $84 million or renovating eight buildings it currently owns for $142 million.

“We saw an opportunity that would save the county money and contribute to the economic development of downtown,’’ Harris County Budget Director David Berry told The Real Deal. “The purchase met both the county’s financial and policy goals and is evidence of Commissioners’ commitment to be a steward of every taxpayer dollar.”





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    From left: 3761 and 3769 10th Avenue in Inwood, 16 Dupont Street and 427 West 52nd Street with Mayor Bill de Blasio (Getty, Google Maps)
    City agencies grease the wheels of investment sales
    City agencies grease the wheels of investment sales
    SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
    SL Green pays $28M for full control of Midtown office building
    SL Green pays $28M for full control of Midtown office building
    Rent law, then Covid leaves family landlord with no choice but to sell
    Rent law, Covid leave family landlord with one choice: sell
    Rent law, Covid leave family landlord with one choice: sell
    Velocis co-founders Jim Yoder, Fred Hamm and Mike Lewis (Velocis, Getty)
    PE firm Velocis snaps up a pair of Dallas-area industrial sites
    PE firm Velocis snaps up a pair of Dallas-area industrial sites
    Elon Musk, Bruce Flatt of Brookfield, and Craig Robins of Dacra with SunHouse at Easton Park in Austin, Texas (Getty, Brookfield, Easton Park)
    Tesla, Brookfield and Dacra to Build Energy-Neutral Housing Development in Austin
    Tesla, Brookfield and Dacra to Build Energy-Neutral Housing Development in Austin
    75 Canal Street West in Mott Haven, 354 Clarkson Avenue in Flatbush, and  69 Downing Street (Google Maps)
    Beleaguered taxi kingpin gets $21.7M cash infusion
    Beleaguered taxi kingpin gets $21.7M cash infusion
    From left: 30 East 14th Street, 156 William Street, 196 7th Avenue and 66 West 88th Street (StreetEasy, Google Maps)
    Blue Man Group’s school sells in FiDi for $20M
    Blue Man Group’s school sells in FiDi for $20M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...