HOUSTON-Shorenstein Properties has acquired the 1.2-million-square-foot 800 Bell Street from Exxon Mobil Corp. Shorenstein acquired the property for Shorenstein Realty Investors Ten LP, a $1.2-billion fund formed in 2010.

The building covers two city blocks in the CBD. The transaction includes a 45-story office tower and seven-story parking garage. Concurrent with the sale, ExxonMobil leased back the entire building into 2015. At that time, it will relocate occupants to a new corporate campus currently under construction in The Woodlands, north of Houston. The property was built in 1962 as the headquarters of Humble Oil & Refining Co., a predecessor to ExxonMobil.

“This acquisition is in line with our strategy of buying vacancy in markets exhibiting strong current demand and future growth," says Douglas Shorenstein, chairman and CEO of Shorenstein Properties in a press release. "We purchased this property markedly below current replacement cost which gives us the opportunity, once the current user vacates, to employ all our company's core skills – in capital transaction execution, redevelopment, leasing and operations – to increase the property's value by establishing its long term position and further enhancing its reputation in the market.”

Financial details of the transaction were not released. The Harris Central Appraisal District assesses it for close to $43 million.