HOUSTON – Realty News Report – Contrarian Capital’s historic Esperson Buildings in downtown Houston are being marketed with expected offers around $65 million, according to Real Estate Alert.
JLL holds the listing for the combined 509,000-square-foot complex.
The property encompasses the 32-story Niels Esperson Building at 808 Travis, completed in 1927. It is widely regarded as downtown Houston’s premier example of Italian Renaissance architecture.
Adjacent to it is the 19-story Mellie Esperson Building at 815 Walker, an Art Deco office tower finished in 1941.
Connected by tunnels, the Esperson Buildings are currently about 66 percent leased. Late last year the law firm Martin, Disiere, Jefferson & Wisdom signed a lease for roughly 42,000 square feet within the project.
While parts of the Houston office market face softness, newly delivered buildings have been leasing quickly. Owners of older properties are responding by investing millions in renovations to remain competitive.
Industry professionals call this trend a “flight to quality.” Corporations competing for top talent are migrating to premium office space that offers modern amenities and designs that support productivity and employee satisfaction.
“We continue to see firms that value their employees as assets looking to relocate to new developments to ensure employee satisfaction, allowing these companies to attract and retain top employment talent,” said office leasing specialist Chip Colvill of Colvill Office Properties, which leases several downtown buildings. “The new developments offer a higher quality environment, greater amenities, more efficient floor plans, better elevator systems, superior parking and other features that put these projects in high demand,” Colvill added.
Feb. 5, 2020 Realty News Report. Copyright 2020.
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