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Heritage Plaza sold in city's second-largest ever office deal
November 10th, 2010 11:49am
One of Houston's most iconic skyscrapers may soon have a new owner.
Real Estate Alert reports that Brookfield Office Properties has agreed to purchase Heritage Plaza for approximately $325 million. The building was almost sold to USAA Real Estate earlier in the year in a $333-million deal, but the company was unable to obtain agreeable financing terms, and eventually backed out.
If completed, the deal would represent the second-highest price ever for an office building in the Houston real estate market, trailing only the $367-million sale of the Bank of America Center in 2007, and the third-highest on a per-square-foot basis.
When asked about the purchase, a Brookfield official said that the transaction had not yet closed.
Ownership of the property has worked out well for Goddard, who also tried to sell the property for $430 million three years ago, but pulled it back when the market dived. It had originally purchased the building for roughly $130 million in 2005, when it had a vacancy rate of 45 percent - which has now rebounded to more than 80 percent.
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