Historic Houston Office Buildings Trade Hands

Despite the tanking investment market nationwide, Houston continues to see action with investors spending more than $1.6 billion so far in 2008 throughout 53 transactions, according to Real Capital Analytics. Along these lines, a local developer purchased two historic office buildings for an undisclosed amount in the city’s Museum District. Houston real estate developer Fred Sharifi bought 1150 and 1128 Bissonnet for a “record price,” according to CB Richard Ellis Inc. senior vice president Micheal Palmer, which represented the seller, Moriarty Family Partnership LTD, along with John Simons and Susana Rosas. Tony Pour represented Fred Sharifi. Both buildings were designed and in 1924 by William Ward Watkin, who oversaw construction of the first buildings of the Rice Institute in 1910. In 1935, John Staub, a designer of many grand houses in River Oaks including the Hogg mansion, completed additions to the main building. The buildings were updated in 1996 by Ray Baily Architects winning awards from the Houston A.I.A. Chapter and The Greater Houston Preservation Alliance. “The seller was going to relocate and it was a going point in the marketplace to sell,” said Palmer. “These buildings are historic because of who designed them. They’re also located near the museum and Texas Medical Center and light rail. So it is a good location for a lot of green developers.”