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Ink Dries On $175M Marathon Oil Tower Trade

CBRE finalized the sale of Marathon Oil Tower, a 1.2M SF office in Uptown, to The Baupost Group and M-M Properties for $175M. CBRE bought the property in 2013 for $245.5M, according to CoStar. HFF's Jeff Hollinden, Scott Galloway and Trent Agnew secured a buyer, capping a lengthy on-again, off-again marketing campaign. Three different brokerage firms have listed the asset since 2015, but with investors wary of Houston, have struck out. Marathon Oil Tower is 90% occupied, 60% of which belongs to the tower's namesake tenant until 2021.

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