Heritage Plaza Sells High

HERITAGE PLAZA SELLS HIGH That vaguely Mayan-looking tower at the northwestern edge of Downtown sporting the popular no-neck stone-top-sinking-into-a-glass-base look will soon have a new owner. Brookfield Office Properties has agreed to buy the 53-story Heritage Plaza for an almost-local-record $325 million — thanks in part to a little 12-year $200 million loan from MetLife negotiated by the seller, Atlanta’s Goddard Investment. Goddard paid $121 million for the building a little more than 5 years ago; the company added a new 1,058-car parking garage catty-corner to the property in 2008. [Real Estate Alert; previously on Swamplot] Photo: Jeff Balke

8 Comment

  • Looks like a robot trapped in a glass cocoon.

    My vote for the fugliest new-er Class A tower in Houston. Hodgepodge of styles leads to fugly.

    I remember when Ken Schnitzer (Greenway et al) learned this project was going forward in our 80s real estate depression, he said,” “This is the most irresponsible
    development decision (paraphrase) I’ve seen in my entire career.” Well, it survived that phase, but you can’t fake out ugly.

    That is also the premier viewing site from Allen Pkyway/Memorial. It should have been something special, not a Transformer toy lookalike. It also blocks the view of our best downtown architecture.
    Clearly, we’re stuck with it. Blecch.

  • The design was apparently inspired by the Mayan Pyramid in Mexico. How could this building sell for near record numbers without being attached to the downtown tunnel?

  • I’ve always loved this building.

  • You may think it’s ugly, but I’ll buy an ugly buildign all day long that I can sell a few years later for $100+M profit.
    Come to think of it, most of my apartment buildings are very ugly. Why am I not making $100m profit per sale? :)

  • Fresh Prince, Heritage Plaza is connected to the tunnel system (more or less) by a new skywalk that connects up with the Doubletree across the street. Don’t know if that had anything to do with the sale price, but I’m sure it didn’t hurt.

  • It’s a Pez dispenser.

  • I remember the day they hauled off the giant granite “T” in front. I wonder where that giant thing went?

  • Just a prime example of how it takes money to make money. Great purchase. I sold a apartment complex for 6 million. 125 units and 90% occupied.