According to Holliday Fenoglio Fowler LP managing director JeffHollinden, the transaction for 700 Louisiana St. is the largestsingle-asset sale to date for the area. And, he adds that it putHouston on the map as a viable location for serious investment.

"Frankly, it was a shock to the investment community when thisbuilding became available because it was a Hines flagshipbuilding," Hollinden tells GlobeSt.com. "It was a rare opportunityto buy a building a lot of investors thought they'd never get thechance to buy."

Hollinden, teaming with HFF executive managing director ScottGalloway on behalf of the seller, says the buyer was selected froma huge pool of potential investors due to its sponsorship andability to close. He says that with the current credit meltdown anduneasy markets, better buyer sponsorship can be as attractive asthe price to a seller. "The buyer that can get things done in thismarket is the buyer who will end up with the asset," he adds.