Place for $470 Million: Hines/Calpers Selling BG Group

In Houston, The 46-story BG Group Place in downtown Houston has been put up for sale by its owners, Hines and Calpers, as stated by Real Estate Alert.

The 973,000-sf tower is slated to fetch $470 million or $485 per sq ft, the second-highest sales price ever, Real Estate Alert reported. The record sales price in Houston was set when H&R REIT paid $524 sf of $442 million for the 845,000-sf Hess Tower in 2011.

Eastdil Sectured is marketing the tower, which is 92 percent leased with BG Group occupying 354,000 sf. The building, completed in 2011, is located at 801 Main Street. The building is LEED Platinum.

In developing BG Group Place, Hines blessed Main Street as a viable location for new office development in the current era.