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Back in April there was a piece in The News about the sale of Pacific Place downtown, which Houston’s Boxer Property picked up at the low, low price of $5.3 million (or close to — those figures are never that spot-on). But the 20-story building right next to the Majestic Theatre isn’t off the market — far from. I noticed on LoopNet this morning that Boxer’s put the property back on the market, this time at the asking price of $12,950,000.
Brian Hines of Sperry Van Ness is handling the sale for Boxer and its owner Andrew Segal, and he tells Unfair Park this morning they’re trying to market the building locally, sure, but also “nationally and internationally.” Boxer would like to flip the property, but if it can’t, says Hines, it’ll “stabilize it” a la 1700 Commerce Place, another Boxer-owned property. But he’d rather sell.
“I think it’d be ideal for a single user who wants building naming rights, building signage,” says Hines. “There’s a lot of vacancy downtown, but it’s starting to appear on more tenants’ radar screens because of the value down there.”
