CBRE Selected To Market Downtown Houston Landmark Office Building
CBRE has been exclusively retained to market 919 Milam, an historic office tower ideally situated within Houston’s Central Business District. The institutional-quality, 24-story tower contains approximately 543,259 rentable square feet.
Currently, 919 Milam is 94% leased to a quality base of high-growth, energy-based tenants, many of which have recently expanded or executed early renewals at the property. The LEED Silver Certified and Energy Star-rated landmark office building provides for a long-term, stable investment with significant near-term value-add potential in the most dynamic office submarket of the strongest office market in the nation.
“Houston’s CBD is highly regarded for its strong fundamentals, as it consistently leads the Houston market with respect to tenant demand, occupancy and rents. 919 Milam, with its unique position within the submarket, is a highly attractive investment opportunity that should garner significant interest from the market,” said Jared Chua, Vice President at CBRE.
919 Milam Street is situated at the center of the downtown Houston pedestrian tunnel system, which links the building with all of the city’s major office buildings, hotels and retail centers. The granite-clad office tower has four levels of on-site parking and features amenities such as a food court, a new tenant conference center, full-service banking and 24-hour security.
919 Milam, which is formerly known as the Bank One Center and the Bank of the Southwest Building, is also home to the Coronado Club—Houston’s most prestigious private dining and social club, making 919 Milam a center of commercial activity in downtown Houston for more than 50 years. Significant capital improvements totaling $19.3 million have been made since 2006, including more than $3.2 million recently invested by current ownership. These enhancements include the replacement of the roofs, ADA upgrades to restrooms, renovation of the main lobby and updates to the elevator lobbies.
Jared Chua, Bernard Branca, John Alvarado, Russell Ingrum, and Gary Carr of CBRE will market 919 Milam on behalf of Fort Worth-based M-M Properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.