Houston High-rise Loses Nearly Half of its Value

The 46-story San Felipe Plaza opened its doors in 1984, offering nearly 1 million square feet of office space to go with its granite and tinted glass finish. The Houston Business Journal reports that in 2005, Thomas Properties paid $156 million for the high-rise, the second tallest outside of Downtown Houston. Its latest owner, Orlando-based Parkway Property Investment sold the building for $82.8 million, just a little more than half of its value 18 years earlier. New York-based Sovereign Partners was the buyer. Parkway Property Investments took ownership of San Felipe Plaza in 2013 when it acquired Thomas Properties in a stock deal.

Houston’s office market has fallen behind other markets, largely due to high vacancy rates, which stood at 23.3% late last year, according to a Colliers report.

Amenities at San Felipe Plaza include a landscaped plaza with seating areas, a conference center, a fitness center, an on-site property manager, a salon and car wash service.