Exxon Skyscraper Sold for Apartment Conversion, Market briefs

In Houston, (Exclusive Story from Ev Konut Proje), The 45-story former headquarters of Humble Oil, a predecessor to Exxon, has been sold to a developer that plans to convert the vacant office building to residential units, a redevelopment that could supercharge downtown revitalization.

The 1.2 million-SF building, located at 800 Bell, has been empty since the oil company relocated to its new campus about eight years ago.

The buyer, a New York investment group affiliated with CMI Developers, has experience in historic redevelopment and apartment conversions. The tower was completed in 1962. The age and prominence of the Exxon building might enable the developers to obtain tax credits designated for redeveloping historic buildings.

When the Exxon tower opened it was considered the tallest building west of the Mississippi River. At one time the top two floors of the building were the home of the Petroleum Club, a place where thousands of oil and gas plays were discussed and deals were struck.