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Starwood Spins Off Prominent Houston Office Tower
Starwood Property Trust sold the 41-story office tower at 5555 San Felipe St. to Energy Transfer. Energy Transfer is engaged in the pipeline transportation, storage, and terminaling for natural gas, crude oil, NGLs, refined products and liquid natural gas.
The office tower has 1.2 million square feet of rentable space. It was built as Marathon Oil Corp.’s headquarters in 1983 and last renovated in 2022. Marathon Oil moved to its new 440,000-square-foot tower, One MRO, at 990 Town and Country Blvd. at CityCentre in 2021.
M-M Properties completed the $15 million renovation in 2022 at 5555 San Felipe, which involved adding three full floors of amenity space. M&M acquired the building in 2018 for $175 million as part of a joint venture with The Baupost Group.
Starwood took the property over from M-M Properties after the latter defaulted on its $88 million mortgage in 2022.
- ◦Sale/Acquisition
