The downtown home of the Houston Chronicle has officially sold, bringing an end to months of speculation.
A partnership led by Houston-based Hines and including Prime Asset Management and an affiliate of Enterprise Products Co closed on the property at 801 Texas on Tuesday, the Chronicle reports. The purchase price for the building has not been disclosed, but the deal has been estimated to be worth between $50M and $55M.
The building will be demolished, but Hines hasn't said yet with what or when it will replace the building. The Chronicle is leasing back the facility until March.
Hines has several projects in the works in the area, including a 1M SF tower at 609 Main at Texas, which is scheduled to deliver in December 2016. The Houston Chronicle Media Group has planned a move to a new campus in southwest Houston early next year, although some staff will remain downtown.
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