Exxon Mobil’s downtown tower has strong suitor

Exxon's downtown building at 800 Bell.

Exxon's downtown building at 800 Bell

A San Francisco real estate firm is in talks to buy the 44-story Exxon Mobil building in downtown Houston, according to a source familiar with the deal.

Shorenstein Properties is said to be the buying the 1.2 million-square-foot tower, which will be vacated by Exxon Mobil. The company is consolidating at least 10,000 workers in Houston and Fairfax, Va., into a massive corporate campus under construction south of The Woodlands.

The building is appraised at $42.7 million, though that does not reflect the market value. If the deal closes, the buyer is expected to pay around $50 million, CultureMap reported.

Shorenstein owns two other office buildings in Houston: 2000 West Loop South and Five Post Oak Park. In total, the privately owned company owns and manages 21.5 million square feet of office properties valued at $6.7 billion.

The company declined comment, as did an Exxon Mobil spokesman. “We never comment on rumors, reports or speculation,” said Alan Jeffers.

The tower was built in 1963 for Humble Oil, Exxon Mobil’s predecessor.