Partners Real Estate to Lease Historic Houston Office Complex
The Wideman Co. has appointed Partners Real Estate to lease Jones on Main, an 886,000-square foot office campus in downtown Houston. Partners Senior Vice Presidents Vince Strake and Lesley Rice will spearhead all leasing activity at the Class A property.
Wideman acquired the asset in May from Lionstone Investments, CommercialEdge data shows. CBRE was previously in charge of leasing.
The property was developed in phases between 1915 and 1951 and underwent multiple cosmetic renovations in 1987, 2002 and 2017, according to the same source. The LEED Silver-certified complex consists of four interconnected buildings rising 10, 13, 16 and 37 stories.
The 37-story building was the tallest skyscraper in the city until 1963, when the Exxon Building came online. The high-rise was previously known as the Gulf Building and the JPMorgan Chase Building as it houses the bank’s headquarters.
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Jones on Main features almost 20,000 square feet of retail space, 24 passenger elevators, a rooftop terrace and a cocktail lounge, as well as the 20,000-square-foot Finn Hall, a food hall currently undergoing a transformation. Planned upgrades include an upscale restaurant and a vinyl-record listening lounge, together with office space improvements and the creation of new spec suites.
Located on almost 2 acres at 708 and 712 Main St., the transit-oriented property is close to a host of dining and retail options and within walking distance of the JPMorgan Chase Tower. George Bush Intercontinental Airport is within 21 miles.
Houston’s vacancy rate above the national average
Despite the return-to-office policies, Houston’s office vacancy rate at the end of August clocked in at 25.9 percent, according to a recent CommercialEdge office report. The figure was well above the 19.4 percent national average. The metro’s average listing rate was $30.01, slightly below the $32.78 U.S. amount.
Back in April, Sovereign Partners tapped Partners Real Estate as exclusive leasing agent for San Felipe Plaza, a 980,742-square-foot tower also in Houston. Strake and Rice are part of that leasing team as well.
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