HOUSTON — The 41-story Marathon Oil Tower in the Galleria mall area has been sold to a real estate fund affiliated with Los Angeles-based CBRE Global Investors.
The new owner, CBRE Strategic Partners U.S. Value 6, said it is planning a “significant capital campaign” to upgrade the building and its mechanical systems. The purchase price was not disclosed but the property is appraised at $214 million according to the Harris County Appraisal District.
“Houston ranked second in the nation in net absorption in 2012, and the Galleria submarket in particular is experiencing dramatic recovery,” Vance Maddocks, president of CBRE Strategic Partners U.S., said in a statement announcing the sale. “Given its location within a major growth corridor, Marathon Oil Tower is a great fit with our fund’s strategy, and with our strength of ownership, we will be able to add value for tenants and our investors.”
The 1.2 million-square-foot property is 93 percent leased. It is located at 5555 San Felipe.
CBRE’s brokers Bernard Branca, Jared Chua and Russell Ingrum advised CBRE Global Investors on the acquisition. CBRE’s Cody Armbrister and John Holland will market the property to tenants.
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