The former manager, Cushman & Wakefield of Texas Inc., has declined to comment on the contract loss for 5555 San Felipe St. The 85%-leased high rise is owned by Tower Associates LP of Greenwich, CT.
Steve Ash, Transwestern's managing senior vice president of management services for the Gulf Coast region, says the owner's goal is to boost the local perception about the 1980s-era building. "We're trying to take that asset and redo it into a high-end, class A multi-tenant office project," Ash tells GlobeSt.com.
To reach that goal, renovations and upgrades are now under way on corridors, garage and lobby elevators and other common areas. Ash isn't discussing the cost of the ongoing improvements, but did say the upgrade tab for similar buildings has been $2 million or more.
Ash says Marathon Oil Tower has been in transition for a couple years, starting when Marathon re-upped a 600,000-sf lease late in 2005. On that deal, Marathon was represented by C&W while John Pruitt with CB Richard Ellis and Mark Bettencourt of Bettencourt & Associates Inc. in Houston represented Tower Associates. CBRE's Pruitt continues to be in charge of leasing the tower.
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