The former Bechtel tower at 3000 Post Oak Boulevard near The Galleria and Gerald D. Hines Waterwall Park has been acquired by 3000 Post Oak Realty LLC, according to Realty News Report. The sales price was not disclosed.
The 433,528-square-foot building was completed in 1979 and sits inside Lakes on Post Oak, a 23-acre office park developed by Hines just north of Richmond Avenue. The development includes three office buildings totaling 1.2 million square feet, along with a four-acre lake.
The buyer is getting a tower with a lot of space and no tenants. Realty News Report reported the building is 100 percent vacant and could be repositioned for residential or hotel use, or used by the new owner as office space.
The same building looked much different more than a decade ago when it sold for a reported $175 million in 2014.
Bechtel Energy moved out in 2024, putting pressure on the building’s previous ownership group. Chron previously reported the tower had struggled with an $80 million debt after vacating.
The sale also reflects a tougher market for older office buildings. Realty News Report noted office sale prices have dropped significantly since 2014, with the pandemic, work-from-home trends and corporate downsizing adding pressure to older office buildings.
Bechtel, a global engineering, procurement, construction and project management company, is based in Reston, Virginia, and maintains its energy headquarters in Houston, according to Realty News Report. The company has been tied to major Texas energy projects, including Port Arthur LNG, where the Houston Chronicle previously reported in 2020 Bechtel had been tapped as contractor.