HOUSTON-With office buildings trading fast and furious, the latest real estate to hit the block is the 1.7-million-sf Wells Fargo Plaza, an un-priced offering with a $283-million tax assessment. In the CBD, comparable high rises have been trading for $275 per sf.

Owned by New York City-based Metropolitan Life Insurance Co. since the early 1980s, the seller is disposing of the asset at 1000 Louisiana St. in a time of high demand and low supply. “A scarcity of space in the CBD and underlying fundamentals of the Houston office market as well as the overall Houston economy are the main factors for the offering,” says Kent Peters, senior vice president for CB Richard Ellis in Houston.

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