Landmark Building Changes Hands In The Galleria Area, New Owners Plan Extensive Renovation
A partnership between Hicks Ventures and Taconic Capital Advisors acquired 1177 West Loop South from an affiliate of Spire Realty Group. The 18-story office building sits on 4.4 acres in the Galleria submarket.
“1177 is an iconic, landmark building in the Galleria submarket,” Hicks Ventures founder and CEO Patrick Hicks said in a release. “I have always admired the building’s dramatic curved curtain wall architecture. The sweeping eastern views over Memorial Park to Downtown are spectacular, while the dramatic Galleria skyline highlights the western views.”
Built in 1979, the multi-tenant building underwent upgrades between 2014 and 2017. Spire acquired the property in 2012.
The joint venture is prepping for its own round of renovations, which will include a significant capital improvement project and revamped leasing strategy.
“We will undertake a comprehensive capital and amenity upgrade program that will take all of our common area elements from the garage arrival into the lobby and up through the building," Hicks Ventures Director Paul Frazier said.
The planned improvements include a new fitness facility, a conference room and a tenant lounge, and updating the deli/café.
Hicks Ventures will handle leasing and property management. HFF's Dan Miller, Martin Hogan and Johnny Kight represented the seller.