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Two Historic Houston Office Buildings Change Hands
Two historic downtown Houston landmarks have changed ownership. The Wideman Company bought the 10-story Great Jones Building at 703 Main St and the adjacent 34-story JPMorgan Chase Bank tower at 712 Main and is exploring adding a residential component between the two. Lionstone Investments was the seller.
Wideman plans to remodel the complex and add modern amenities. The two buildings, combined, have a 70% occupancy rate.
The Chase Tower will be turned into speculative suites ranging from 2,000 to more than 10,000 square feet. These suites would be move-in ready and would attract tenants interested in shorter-term deals, such as three to five years.
Avison Young reports that the Houston office market struggles with high vacancy rates but shows promise for recovery. Newer buildings perform better, while older vintage assets face extended vacancy periods and potential conversion under future economic conditions.
- ◦Sale/Acquisition
