HOUSTON-Perhaps the most obvious symbol defining the office market this past year can be summed up in two words: Hess Tower. The 844,763-square-foot energy company’s headquarters recently sold to a Canadian REIT for a record-breaking $442.5 million, with experts telling Globest.com that this transaction was a strong indication of huge investor interest.

“The Hess deal, on its own, is a credit long-term lease; but a significant commitment to Houston on a price per square foot basis,” comments Ken Page, managing director with Transwestern. “But we’re seeing investors come back into the market to buy multitenant buildings, not on a distressed basis, but because real estate fundamentals are so good here.” Such activity, Page adds, is being seen among all classes of buildings, with investors ranging from national and international institutional funds to private buyers backed by equity.

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