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Historic Humble Building Likely to Fetch $130M

HOUSTON-The owners will push the CBD landmark to market in two weeks after spending nearly $80 million to restore and reposition the office asset with mixed-use space.

By John McCloud | Updated on June 30, 2008

HOUSTON-A joint venture of Housing Horizons LLC and Leddy Ventures Ltd. has contracted a team from Colliers International to sell the Humble Building, a historic office complex redeveloped as a mix of hotel, residential and retail space. Although the seller has not set an official asking price, parties close to the deal have discussed a “whisper” price of $125 million to $130 million for the landmark structure in Downtown Houston.

“We’re keying into global capital markets and sovereign funds,” says team leader Teresa Lowery, a principal in Colliers’ Houston office. “We’re specifically targeting our marketing efforts toward foreign investors that have an interest in acquiring property in the energy capital of North America.” Housing Horizons, a wholly owned subsidiary of Irving, TX-based Kimberly-Clark Corp., and San Antonio-based Leddy acquired the 1212 Main St. property in 2003 and spent $70 million to $80 million to restore the exterior and transform the interior for hotel and residential use.

Originally built as the headquarters for Humble Oil Co., the complex consists of three adjoining structures built in 1921, 1936 and 1940, respectively. The first and third structures were converted into a 191-room Courtyard by Marriott and a 171-room Residence Inn by Marriott while the second was refashioned into 82 luxury apartments. The complex also includes 10,000 sf of ground-floor retail space and a 252-stall parking garage.

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