Houston, Texas — In a pivotal development for the city’s real estate market, Pennzoil Place, an esteemed architectural landmark of Houston, has been officially listed for sale. The iconic twin-tower office complex, renowned for its groundbreaking design by architects Philip Johnson and John Burgee, was completed in 1975. Its distinctive trapezoidal shape and mirrored glass facades have long graced the Houston skyline, earning it numerous accolades, including The New York Times’ “Building of the Year” and prestigious awards from the American Institute of Architects and the Texas Society of Architects.
The current owner, Metropolis Investment Holdings, is selling the property, which has been part of their portfolio for the past 25 years on behalf of the Hugo Mann family, based in Germany. This sale represents a significant moment in Houston’s architectural and real estate history, as Pennzoil Place is a symbol of the city’s innovative spirit and ambition from the 1970s.
JLL Capital Markets is managing the sales process, with Jeff Hollinden and Kevin McConn leading the effort. While the exact asking price remains undisclosed, industry experts speculate that it could surpass $100 million, reflecting both the building’s historical significance and its prime downtown location. However, potential buyers may exercise caution given the current volatility in the office real estate market, which could influence the final sale price.
Spanning 1.4 million square feet, Pennzoil Place is currently over 50% leased, with major tenant Bracewell LLP occupying approximately 170,000 square feet. However, the anticipated departure of Cheniere Energy to the newly developed Texas Tower is expected to reduce the building’s occupancy to around 40%, posing a challenge for prospective owners.
Pennzoil Place’s sale not only marks the end of an era for its current proprietors but also presents an exciting opportunity for new ownership to leverage its iconic status. As one of Houston’s most photographed structures, its unique design continues to attract admiration and remains a testament to the city’s architectural evolution.