The Federal Reserve Bank will construct a new Houston headquarters building and vault facilities near the downtown.

Construction on the 270,000-sf project will begin in 2001 and is anticipated for a 2003 completion. The bank has purchased 13 acres of land on Allen Parkway near Taft St. for its new building. The parcel was the former site of Jefferson Davis Hospital, which was demolished last year. The project’s architect will be selected next month.

The Federal Reserve Bank, which has 300 employees in Houston, has outgrown its 90,000-sf building in downtown Houston where it has been located since 1958. The bank has already sold its existing building, 1701 San Jacinto St., in a leaseback deal to an investment group led by Hakeem Olajuwon of the Houston Rockets of the NBA. The bank will remain at its current office until the new facility is finished.

The Cushman & Wakefield Inc. real estate firm represented the bank in both transactions. The bank assembled the site with two transactions, purchasing land tracts from the Finger Cos. of Houston and the Service Corp. International.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.