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October 26, 2013

Marathon Oil Tower Changes Hands; First Building Complete in Noble Energy Campus

By Amalia Otet, Associate Editor

Greenwich, Conn.-based Hanover Real Estate Partners completed the sale of Marathon Oil Tower, one of Houston’ most iconic office buildings, to CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors. Terms of the deal have not been disclosed.

Located at 5555 San Felipe, on the western edge of the Galleria business district, the 41-story, Class A-plus building features 1.2 million square feet of premier office space, above-standard finishes and an attached granite-clad, 13-level parking garage. Amenities include on-site property management, 24-hour security, full-service on-site dining facilities, and 24,000 square feet of conference facilities.

The property is situated in close proximity to the prestigious Tanglewood neighborhood and the Post Oak Boulevard corridor, and offers convenient access to the 610 West Loop.

Since 2003, when it took over responsibility for the management and oversight of the property from Lehman Brothers Inc., Hanover has completed several improvements to the tower, including renovation of the lobbies, upgrading of the outfit’s mechanical systems, as well as significant structural improvements. The highly efficient tower is LEED Silver certified.

The Marathon Oil Co., which occupies approximately 650,000 rentable square feet or 60 percent of the total building, is joined by other notable tenants, including Aon Corp., Kanaly Trust Co. and Baker Hughes Oilfield Operations Inc.

Meanwhile, Trammell Crow Co. and joint venture partner Principal Real Estate Investors announced the completion and opening of Noble Energy Center One, a 10-story, 497,000-square-foot office building in Houston’s Northwest office submarket.

Located at 1001 Noble Energy Way, Noble Energy Center One boasts exclusive amenities, including a café, dining area and coffee bar; a fitness center; outdoor dining and meeting areas; and a state-of-the-art conference center.

The property underwent a major renovation project that included modifications to lobbies, elevators, landscaping, common areas, signage as well as several green enhancements. The property was awarded LEED Gold certification for integrating such features as low-flow plumbing fixtures, a water-efficient irrigation system and energy-efficient lighting. More than 75 percent of construction waste was recycled, salvaged or reused.

Additionally, the joint venture broke ground on Noble Energy Center Two, a 20-story, 470,000-square-foot office build-to-suit on a 4.7 acre adjacent tract. The building is pre-certified LEED Gold and is pursuing Energy Star certification, according to company statements. Like the first building, Center Two will serve as global headquarters for Noble Energy, an independent energy company engaged in worldwide oil and gas exploration and production.

Photo credits: Marathon Oil Tower official website

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