More details about the financing and construction start will be available as the day plays out. The 53-story building at 1111 Bagby St. is the former Texaco Heritage Plaza. John Fenoglio of Live Oak Capital Ltd. in Houston arranged the financing.
According to a press release about the financing, Goddard will use some funds to help re-tenant the class A office building. The renovation will focus on the lobby and all common areas. The parking garage will rise on adjacent land that went along with the July 2005 acquisition. Upon completion, the garage will boast one of the highest parking ratios in the CBD.
Goddard spent $114 million to acquire Heritage Plaza, its 10th acquisition for the portfolio. Its other Houston-area properties are 675 Bering St. in the Galleria submarket and North Borough I and II in the Greenspoint area.
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