500 Jefferson Changes Hands, Renovations Planned
500 Jefferson, a nearly empty 400K SF building in Downtown's Cullen Center, is under new ownership. New York-based W.P. Carey sold the building to Jefferson Smith, a holding company associated with private investor John Quinlan, for an undisclosed amount, the Houston Business Journal reports.
KBR has been the main tenant in the building for years with 316K SF, a large chunk of which was up for sublease. KBR's lease was terminated when the building changed hands.
The new ownership aims to start renovations on the building this year. It will also seek a historic designation for the structure built in 1965. Plans to convert 500 Jefferson into Jefferson Towers at Cullen Center have been canceled with the transaction.