Lionstone Snags 794,000-SF Office Icon

HOUSTON-Locally based Lionstone Group has closed on its acquisition of 712 Main Street, striking a deal with Brookfield Asset Management Inc. for the historic office building. This deal marks the first time the 794,186-square-foot building has traded hands on an individual basis since it was built in 1929.

Originally built by Jesse H. Jones for Gulf Oil and National Bank of Commerce, the CBD building expanded in 1948 and 1950 to its current size. As such, “between mergers and acquisitions, it was eventually owned by Texas Commerce Bank, then by JPMorgan Chase,” explains H. Dan Miller with HFF. Brookfield acquired the building from JPMorgan Chase in early 2010 as part of an overall, 16-building portfolio sale.