HOUSTON – Can a century-old office tower that once dominated Houston’s skyline for decades remain relevant in a technology-driven era? Midway and Lionstone Investments believe it can. The two Houston-based firms have repositioned the historic JPMorgan Chase Building (formerly the Gulf Building) and the adjacent 708 Main into a unified complex now called The Jones on Main.
“Rebranding the entire city block as The Jones on Main has come to life with the opening of the portal between the JPMorgan Chase & Company building at 712 and WeWork at 708 Main,” says Chris Seckinger, Investment Manager at Midway. “Now the whole block reads as a contiguous, revitalized experience.”
One major addition to the complex is a food hall, Finn Hall, which is scheduled to open next year. Named in tribute to influential Houston architect Alfred C. Finn—whose work includes the 1913 Rice Hotel and many other landmark buildings—Finn Hall will bring chef-driven dining and hospitality offerings to the site. Midway and Lionstone are also developing nearby Block 94 to expand parking options for tenants later in 2018.
Preserving the prominence of The Jones on Main matters to Houston’s downtown revival, says Damon Thames, Vice President at Colvill Office Properties. “Houston has not always fully appreciated its architectural treasures from earlier eras, but that is changing,” he notes. “We’ve seen strong demand from discerning tenants drawn to the buildings’ historic character paired with contemporary amenities.”
The site carries deep historical roots tied to Houston’s early oil industry. 708 Main once housed The Texas Company, later known as Texaco, while 712 Main served as Gulf Oil’s headquarters and is listed on the National Register of Historic Places. “Historic preservationists regard it as one of the most significant examples of art deco architecture in the southwestern United States,” Seckinger says. “Beyond its beauty, its position in the heart of a rebounding historic district in the central business district is compelling.”
Seckinger emphasizes that The Jones on Main’s distinct character gives it a competitive advantage over generic office buildings. “It offers the charm of a historic property and a brand positioning that lets companies differentiate themselves,” he explains. “People respond enthusiastically to the authentic historic quality. There isn’t much distinctive office space like this, and the market has validated that demand.”
The complex’s layout also benefits modern tenants. Its floorplates allow smaller companies to occupy an entire level—an option that’s tougher to find in newer towers. The location scores perfectly for transit (100), near-perfect for walkability (98), and ranks among the city’s best for bike access—attributes that appeal strongly to a millennial and urban-minded workforce.
Renovating century-old buildings posed predictable challenges. “Updating structures from 1908 and 1927 to meet contemporary workplace standards always brings complexity,” Seckinger says. “But the results have been worth it. During the renovation we uncovered terrazzo flooring that had been hidden under carpet for years and restored it to its original luster. It’s stunning.”
JPMorgan Chase & Company has been the primary tenant at 712 Main since the building reopened, and its name etched above the entrance remains an important brand presence. The complex also honors Jesse H. Jones, the visionary developer behind the Gulf Oil Building. “Jesse Jones built the Gulf Oil Building in 1927; it was the tallest building in Houston from its opening in 1929 until 1963,” Seckinger says. “His personal office once sat next door at 708 Main. Few people influenced Houston’s rise like Jesse H. Jones—he was intimately involved with both properties that now form The Jones on Main.”
Finn Hall will be developed and operated by Oz Rey and will offer all-day dining through chef-driven concepts alongside a cocktail lounge and craft beer bar. “This amenity will elevate the property and set it apart in a very exciting way,” Seckinger says.
The two-building complex is currently about 86 percent leased. Over the past year, new leases, expansions, and renewals have added roughly 125,000 square feet of commitments, including firms such as Angelo Gordon, The Mitchell Group, Redbridge Debt & Treasury Advisory, Development Capital Resources, WeWork, and food hall operator Oz Rey. Several existing tenants have also renewed and expanded their space.
“WeWork leased the entire 708 Main building,” Seckinger notes. “We’re thrilled that WeWork’s presence at The Jones on Main helped put the brand on the map in Houston. Bespoke has relocated from West University Place to The Jones. We see room for additional retail targeted to the building’s tenant base—retail that delivers high-end, customized experiences fits well here.”
Seckinger credits Lionstone Investments for much of the project’s momentum. Lionstone brought prior experience repositioning historic properties, including successful work in Los Angeles, and believed the Gulf Building could be similarly transformed to attract modern tenants. “Lionstone’s commitment was key to changing the dynamic for this part of downtown Houston,” he says.
Lionstone purchased the property in 2013, attracted by its prime location in the central business district. “We saw tremendous potential for transformation,” says Fernando Urrutia, Vice President of Asset Management at Lionstone Investments. “Our Los Angeles experience with the PacMutual Campus and CalEdison DTLA reinforced the value of respecting an art deco building’s architectural integrity while updating it for contemporary business users.”
Previously partners on the GreenStreet project, Midway and Lionstone joined forces to reposition 712 Main and reintroduce it to the market. Seckinger points out that many tenants choosing The Jones on Main considered new construction as an alternative but selected this complex for its distinctive experience. “Tenants want more than square footage; they want an authentic, high-quality environment that stands out. They find that here at The Jones on Main.”