Real Estate Central

DALLAS, Aug. 8 /PRNewswire/ — One of Houston’s most prominent landmark
buildings, the Humble Oil Building, has been listed for sale by a team that
includes PKF Capital, Colliers International - Dallas, and Colliers
International Multi-Family Houston. Built in 1921 for Humble Oil (the
predecessor to ExxonMobil), the Humble Oil Building is listed on the
National Register of Historic Places. An extensive 2003 redevelopment
turned the block-long building into a mixed-use complex consisting of a
Courtyard by Marriott, a Residence Inn by Marriott, The Humble Tower Luxury
Apartments, street level retail and a parking garage.

“This is truly one of the most outstanding properties in Houston’s
Central Business District,” said Hank Wolpert, managing director at PKF
Capital, a provider of real estate investment expertise to the hospitality
and leisure industries and a Colliers International partner firm. “This
property offers unique hotel, apartment and retail space and is
conveniently located on the METRO Rail Main Street Line. It is not often a
property this special becomes available, thus we anticipate investors-both
domestic and international-will be highly interested in it.”

The 529,809 square foot, mixed-use complex is bordered by Dallas,
Travis, Main and Polk Streets in Houston’s urban core, and is within
walking distance of major attractions and demand generators, including the
Houston Pavilions, the George R. Brown Convention Center, the Toyota Center
and Minute Maid Park. While the building’s entire system infrastructure was
replaced during the redevelopment, the outstanding historical
features-including original rose marble, ornately designed bronze elevators
and neoclassic architecture-were preserved.

One of the key attractions for potential investors is the building’s
ability to minimize risk by generating multiple income streams from its
more than 360 hotel rooms and suites, 82 apartment units, 6,721 square feet
of retail space and 252 parking spaces.

Another key attraction is that the Humble Oil Building is located
directly across Main Street from the new $170 million, 700,000 square foot
Houston Pavilions development, which is scheduled to open in October 2008.
In this development, four city blocks are being transformed into downtown
Houston’s premiere entertainment, retail and urban office hub. Houston
Pavilions will include 360,000 square feet of retail space, entertainment
venues and approximately 200,000 square feet of first-class office space.

Pricing for the Humble Oil Building will be determined through a bid
process coordinated by the listing brokers. For more information, potential
investors may contact Hank Wolpert at (214) 538-6637 and
hank.wolpert@pkfc.com; John Keeling, senior vice president at PKF Capital,
at (713) 621-5252 and john.keeling@pkfc.com; or Teresa Lowery, principal at
Colliers International, at (713) 830-2142 and tlowery@collierstexas.com.

About Colliers International

Colliers International is the second largest commercial real estate
brokerage company in the world with over 11,000 employees in 293 offices in
61 countries. On a worldwide basis, Colliers manages 868 million square
feet of commercial space and has revenues of $2.0 billion. The Colliers
Platform is based upon three pillars; Specialization, Service Excellence,
and Local Flexibility within a Global Platform. With Colliers, clients have
a true real estate partner, fully engaged with their business plan, with
the knowledge of markets, conditions and trends that bring new
opportunities.

Professionals at Colliers can assist with Tenant and Landlord/Property
Representation; Retail Services; Corporate Services; Facilities Management;
Valuation and Advisory Services; Location Advisory & Incentives Services;
Asset Management Services (Property, Facilities and Project Management);
Investment Sales and Consulting; Hotel Investment Sales and Consulting,
Mortgage Banking, and market research.

About PKF Capital

PKF Capital is one of the country’s leading hotel transaction firms,
providing full investment services to sellers and buyers of properties of
all sizes. PKF Capital is affiliated with PKF Consulting, the country’s
leading consulting services provider to the hotel and tourism industry.
Both firms are partnered with CMN Inc., an independent member of Colliers
International Property Consultants.

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[Via Real Estate Newswire]