HOUSTON-With its first venture in downtown Houston, Braun Enterprises acquired two historic buildings from Spire Realty Group. The local buyer now owns the 10-story, 78,843-square-foot Great Jones Building, an office building, and the mixed-use, 29,036-square-foot McCrory Building.
The Great Jones Building at 708 Main St. was built in 1908 and renovated in 2002; additional upgrades are as recent as 2012. Once known as the Bankers Mortgage Building, it was once home to Texas Co. (Texaco). The building, which is on the Metro Light Rail line, contains retail store fronts.
The McCrory Building, at 1004 Prairie St., was built in 1912 and renovated in 2000. The three-story building was once known as the Isis Theater, a silent movie theater between 1913 and 1929. “We plan to stabilize both assets through an aggressive leasing strategy and an extensive capital improvement program,” says Dan Braun, principal with Braun Enterprises.
Houston-based Braun Enterprises currently operates and manages 2.2 million square feet of multi-tenant office buildings, warehouses and retail centers which are occupied by more than 800 tenants. Braun Enterprises has acquired 1.4 million square feet of commercial properties since 2010.
Dallas-based Spire Realty acquired both assets in 2003. Mike Hassler and Todd Casper with CBRE in Houston arranged the transaction on behalf of the seller.
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