HOUSTON – Hines, one of the world’s most successful skyscraper developers, is expected to acquire the Houston Chronicle’s downtown property later this year and demolish the newspaper building.
But with the Houston office market headed for the doldrums it will be years before the Chronicle site, 801 Texas Avenue, will have a new skyscraper on it. A groundbreaking in 2018, with a tower being completed in 2020, seems like a good timetable estimate.
Houston-based Hines contracted to buy the Houston Chronicle property, reaching an agreement with the newspaper’s owner, Hearst Corp., after negotiating through the summer. Holliday Fenoglio Fowler represents Hearst.
The newspaper’s facilities, including its headquarters building and newsroom at 801 Texas Ave., cover 99,184 square feet of land on two prime city blocks. The Chronicle property includes a 10-story building, on a full block at the intersection of Texas at Milam, and a 560-space parking garage on a half-block at Prairie and Milam. [Realty News Report]
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