HOUSTON – (Realty News Report) – A division of MVL Group has acquired the Republic Building, an eight-story, 19,850-square-foot office property located directly across from the Harris County Courthouse in downtown Houston.
The historic structure at 1018 Preston Street at Fannin was constructed around 1907 and has played an important role in the city’s legal and civic history.
The new owner plans a comprehensive renovation to restore and modernize the property. “We will immediately begin a series of beautification projects, including replacing the missing cornice, commissioning artwork for the walled exterior elevations, removing and restoring the original entrance, and performing a complete overhaul of the HVAC system and elevator,” said Abie Musa, founder of MVL Group, which operates as a global defense contractor and construction management firm.
In 1910 the building housed the United States District Court, and it was listed on the National Register of Historic Places in 1979. Those designations underscore the building’s architectural and historical significance, which the buyer intends to preserve while upgrading building systems and tenant amenities.
The seller, Republic Building TX LP, was represented in the transaction by Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield.
The buyer is a subsidiary of MVL Group, a U.S.-based prime contractor to the federal government with an international presence and offices around the world. MVL was founded and is led by Abie Musa, a former Houston resident.
“As a former Houstonian of 15 years, I take personal satisfaction in investing in downtown Houston’s legacy assets, particularly given current economic conditions,” Musa said. “The Republic Building’s historic connection to the U.S. government—as a former U.S. District Court—is an appropriate home for MVL Group’s headquarters and core operations as a government contractor.”
Veteran Houston real estate broker Fred Ghabriel of Bejjani & Associates represented MVL Group in the acquisition. The firm has experience working with defense and construction clients across regions including the Middle East, Central Asia, and North Africa.
Situated on Block 45, the Republic Building benefits from immediate proximity to the court system, a factor that makes it particularly appealing to legal and professional tenants. It sits just a couple of blocks from historic Market Square and the new Texas Tower, a 47-story office high-rise currently under construction by Hines.
Investment sales activity in the Houston market has slowed in recent months as the city’s commercial real estate sector navigates the effects of the coronavirus pandemic and a pronounced downturn in the energy industry. Nonetheless, historically significant properties with strategic locations continue to attract institutional and private buyers focused on long-term value.
June 26, 2020 Realty News Report Copyright 2020