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DOWNTOWN INVESTMENT OPPORTUNITY
THE REPUBLIC BUILDING1018 PRESTON STREET, HOUSTON, TX 77002
Cushman & Wakefield is pleased to offer this
unique opportunity to acquire the Republic
Building, a prestigious historic eight-story office
building in the highly desirable downtown market
of Houston. The property occupies a prime
position on a corner site adjacent to the historic
Harris County Courthouse. Benefitting from
recent building upgrades and improvements, the
building will appeal to a range of investors as it
is supported by an in-place cash flow while also
offering the potential for further upside from
value-add investment and development.
THE OPPORTUNITY
19,850 SFNRA
3,263 SFLAND
8 FLOORSPLUS BASEMENT
CBDLOCATION
+2,500 SFFLOOR PLATES
1907 YEAR BUILT
• Rare opportunity to own one of the few standalone historic buildings remaining in Houston
• Excellent location in the Central Business District - the strongest submarket of Houston, itself one of the best jobs markets in the country
• Located in an Opportunity Zone, making it suitable for advantageous investment terms and taxes
• Floors 4 & 5 are currently vacant, primed for a lease-up opportunity
• Vibrant neighbourhood with outstanding walkability rating, and offering tenants a rich choice of local food and drink options
• There has been significant recent investment into the building’s infrastructure and interiors in recent years
• There is convenient surface parking for tenants and visitors available adjacent to he building
• The prime location near the courthouse and its associated buildings has long been coveted by law firms and attorneys
• Existing cash flow is supported by prominent legal firms and an investment grade credit tenant
• The ground floor retail space is benefitting from increased footfall from nearby residential developments
• Under-developed basement space provides further potential for tenant services and upside
INVESTMENT HIGHLIGHTS
THEINTERIORS
• The building is one of the few in
Houston’s CBD that can offer tenants
office space with true character.
• The 2,500 sq. ft. floor plates provide
ample room to create a range of
flexible office layouts, surrounded
by natural light.
• Each floor provides generous
window views of the historic 1910
Harris County Courthouse and
its tree-lined walkways.
• There is the opportunity to create
loft-style work spaces with 10’
hard ceilings that would appeal
to technology firms or creative
industries, such as architects.
• Tenants can choose to occupy an
individual floor, or spread across
multiple levels.
BASE FLOOR PLATE
GROUND FLOOR
VIEW OF COURTHOUSE
ILLUSTRATED LAYOUT
• Current ownership have
modernised the building on
a rolling basis, upgrading
infrastructure and creating some
floors with modern office suites.
• There is significant room for
incoming investors to further
enhance and leverage the floor
plates, and impart their own
style on the building.
• Common areas have been
recently refurbished with modern
features while keeping with in
keeping with the historic nature
of the building.
• There are dedicated mechanical
and HVAC rooms located on each
floor that make use of new roof
mounted A/C services.
In addition to its excellent location for the
Harris County Courts, the Republic Building is
in the heart of a part of downtown that is
experiencing an exciting level of change. Aided
by the Houston Living Initiative, the nearby area
is being transformed into a vibrant metropolis -
with new apartment buildings under development,
and older properties converting to residential.
Renowned for its lively restaurants, bars and
nightlife, Main St and the Historic District
have flourished over the past few years due to
catalytic projects such as the redevelopment
of Market Square Park.
The increased levels of occupation and footfall
have brought new levels of life to the surrounding
streets, which are benefitting from popular
new openings: within 1-2 blocks of the Republic
Building these include Boomtown Coffee,
Christians Tailgate Bar & Grill, Hotel Icon, and
The Conservatory - one of Houston’s exciting
new foodhalls.
As a result and, in addition to being able to
conduct the majority of their day-to-day
activities on foot, residents of the Republic
Building now benefit from being able to choose
from a wide range of nearby food and drink
options all within walking distance.
RESTAURANTS/COFFEE
Boomtown Coffee & Bar
Treebeards
Fusion Taco
The Springbok
Hubcap Grill
Niko Niko’s Greek
& American Café
Frank’s Pizza
Prohibition Supperclub & Bar
Barnaby’s Café
Bombay Indian Grill
Caffe Café
Starbucks
Notsuoh
Minuti Coffee
HOTELS
A-Loft
Club Quarters
Hampton Inn
Homewood Suites
Hotel Icon
JW Marriott
La Meridian
Lancaster
Magnolia
Marriott Marquis
Sam Houston
LOCAL AMENITIES
HOTELS
A-Loft
Club Quarters
Hampton Inn
Homewood Suites
Hotel Icon
JW Marriott
La Meridian
Lancaster
Magnolia
Marriott Marquis
Sam Houston
45INTERSTATE
N
HIGH RISE RESIDENTIAL
Bayou Lofts
Franklin Lofts
Hermann Lofts
Hogg Palace
Rice Urban Lofts
St. Germain
Capitol Lofts
Club Quarters
Commerce Towers
Kirby Lofts
Foley Building
1414 Congress
D’George at Union Station
Byrd’s Lofts
Keystone Lofts
Market Square Tower
Hines Market Square
1111 Rusk
500 Crawford
Catalyst
ENTERTAINMENT VENUES
Alley Theater
Jones Hall
Minute Maid Park-Astros
Wortham Center
MAIN STREET PANORAMA BY JÖRG DIETRICH
THE REPUBLIC BUILDING
MAIN ST.
LOCATION & ACCESS
BIKE SCORE:
83
WALK SCORE:
95
TRANSIT SCORE:
100
METRORail is the city of
Houston’s primary transit
light-rail system, spanning 22.7-miles and consists
of three light-rail lines: the Red Line, Green Line
and the Purple Line. The METRORail quickly
connects people to the most-frequented
destinations in the city, traveling through
downtown and serving, in part,
the Texas Medical Center, Museum
District, University of Houston and
Texas Southern University campuses,
and the historic East End. As of 2017,
the METRORail had a total annual
ridership of 18,335,000 and ranks as the
second most-traveled light rail system in
the Southern United States and the 12th
most-traveled light rail system in the U.S.
The Red Line
The Republic Building is located just 300
feet from the METRORail Preston Red Line
Station, one of the highest performing rail
lines in the country with an average daily
ridership of more than 52,000. The City of
Houston has seen more than $8 billion in
new development along the Red Line
since it opened in 2004.
With a Walk Score of 95, CBD is the most walkable neighborhood in Houston.
NRGPARK
HERMANN PARK
MEDICALCENTER
FANNIN SOUTHTRANSIT CENTER
BELL
MCGOWEN
ENSEMBLE/HCC
TMC TRANSIT CENTER
MUSEUM DISTRICT
HERMANN PARK/RICE U
MEMORIAL HERMANN HOSPITAL/HOUSTON ZOO
DRYDEN/TMC
SMITH LANDS
STADIUM PARK/ASTRODOME
MOODY PARK
FULTON/NORTH CENTRAL
QUITMAN/NEAR NORTHSIDE
MELBOURNE/NORTH LINDALE
LINDALE PARK
NORTHLINE TRANSIT CENTER/HCC
CAVALCADE
WHEELERTRANSIT CENTER
DOWNTOWNTRANSIT CENTER
PRESTON
UH DOWNTOWN
BURNETT TRANSIT CENTER/ CASA DE AMIGOS
MAIN STREETSQUARE
LEELAND/THIRD WARD
ELGIN/THIRD WARD
TSU/UH ATHLETICS DISTRICT
UH SOUTH/ UNIVERSITY OAKS
MACGREGOR PARK/ MARTIN LUTHER KING, JR.
PALM CENTERTRANSIT CENTER
THEATER DISTRICT
CONVENTION DISTRICT
EADO/STADIUM
CENTRAL STATIONS
COFFEE PLANT/SECOND WARD
LOCKWOOD/EASTWOOD
ALTIC/HOWARD HUGHES
CESAR CHAVEZ/67TH ST.
MAGNOLIA PARKTRANSIT CENTER
CENTRALSTATION
MAIN
CENTRAL STATION RUSK
CENTRAL STATIONCAPITOL
Central StationsWALKING TRANSFER
MAI
N
FANN
IN
SAN
JACI
NTO
CAPITOL
RUSK
LEGENDMETRORail StationEstación de METRORail
Transit CenterCentro de Tránsito
METRORail Red Line
METRORail Green Line
METRORail Purple Line
Local Fare/Tarifa local
$1.25
METRORail Route Map / Mapa de la ruta
NRGPARK
HERMANN PARK
MEDICALCENTER
FANNIN SOUTHTRANSIT CENTER
BELL
MCGOWEN
ENSEMBLE/HCC
TMC TRANSIT CENTER
MUSEUM DISTRICT
HERMANN PARK/RICE U
MEMORIAL HERMANN HOSPITAL/HOUSTON ZOO
DRYDEN/TMC
SMITH LANDS
STADIUM PARK/ASTRODOME
MOODY PARK
FULTON/NORTH CENTRAL
QUITMAN/NEAR NORTHSIDE
MELBOURNE/NORTH LINDALE
LINDALE PARK
NORTHLINE TRANSIT CENTER/HCC
CAVALCADE
WHEELERTRANSIT CENTER
DOWNTOWNTRANSIT CENTER
PRESTON
UH DOWNTOWN
BURNETT TRANSIT CENTER/ CASA DE AMIGOS
MAIN STREETSQUARE
LEELAND/THIRD WARD
ELGIN/THIRD WARD
TSU/UH ATHLETICS DISTRICT
UH SOUTH/ UNIVERSITY OAKS
MACGREGOR PARK/ MARTIN LUTHER KING, JR.
PALM CENTERTRANSIT CENTER
THEATER DISTRICT
CONVENTION DISTRICT
EADO/STADIUM
CENTRAL STATIONS
COFFEE PLANT/SECOND WARD
LOCKWOOD/EASTWOOD
ALTIC/HOWARD HUGHES
CESAR CHAVEZ/67TH ST.
MAGNOLIA PARKTRANSIT CENTER
CENTRALSTATION
MAIN
CENTRAL STATION RUSK
CENTRAL STATIONCAPITOL
Central StationsWALKING TRANSFER
MAI
N
FANN
IN
SAN
JACI
NTO
CAPITOL
RUSK
LEGENDMETRORail StationEstación de METRORail
Transit CenterCentro de Tránsito
METRORail Red Line
METRORail Green Line
METRORail Purple Line
Local Fare/Tarifa local
$1.25
METRORail Route Map / Mapa de la ruta
NRGPARK
HERMANN PARK
MEDICALCENTER
FANNIN SOUTHTRANSIT CENTER
BELL
MCGOWEN
ENSEMBLE/HCC
TMC TRANSIT CENTER
MUSEUM DISTRICT
HERMANN PARK/RICE U
MEMORIAL HERMANN HOSPITAL/HOUSTON ZOO
DRYDEN/TMC
SMITH LANDS
STADIUM PARK/ASTRODOME
MOODY PARK
FULTON/NORTH CENTRAL
QUITMAN/NEAR NORTHSIDE
MELBOURNE/NORTH LINDALE
LINDALE PARK
NORTHLINE TRANSIT CENTER/HCC
CAVALCADE
WHEELERTRANSIT CENTER
DOWNTOWNTRANSIT CENTER
PRESTON
UH DOWNTOWN
BURNETT TRANSIT CENTER/ CASA DE AMIGOS
MAIN STREETSQUARE
LEELAND/THIRD WARD
ELGIN/THIRD WARD
TSU/UH ATHLETICS DISTRICT
UH SOUTH/ UNIVERSITY OAKS
MACGREGOR PARK/ MARTIN LUTHER KING, JR.
PALM CENTERTRANSIT CENTER
THEATER DISTRICT
CONVENTION DISTRICT
EADO/STADIUM
CENTRAL STATIONS
COFFEE PLANT/SECOND WARD
LOCKWOOD/EASTWOOD
ALTIC/HOWARD HUGHES
CESAR CHAVEZ/67TH ST.
MAGNOLIA PARKTRANSIT CENTER
CENTRALSTATION
MAIN
CENTRAL STATION RUSK
CENTRAL STATIONCAPITOL
Central StationsWALKING TRANSFER
MAI
N
FANN
IN
SAN
JACI
NTO
CAPITOL
RUSK
LEGENDMETRORail StationEstación de METRORail
Transit CenterCentro de Tránsito
METRORail Red Line
METRORail Green Line
METRORail Purple Line
Local Fare/Tarifa local
$1.25
METRORail Route Map / Mapa de la ruta
The Republic Building
THE REPUBLIC BUILDING
OWN A PIECE OFHOUSTON’S HISTORY
The Republic Building was constructed in 1907 by
Allen Paul, a local developer. It was designed by
Sanguinet & Staats, a firm of architects in Fort Worth,
and characterizes the Chicago School of commercial
architecture that was prevalent in the early twentieth
century. It was originally named the Paul Building,
and the P insignia can still be seen on its facade.
In 1923, it was renamed the Republic Building.
Since its completion, The Republic Building has
provided offices for many of Houston’s most
prominent Attorneys and around 1910 it was leased
to the United States District Court. Other important
tenants include former Texas Govener Ross Sterling,
The Galveston-Dallas News, the WMCA, Hoffman
Oil Company, Turnbow Oil and Refining Company
and many more.
On February 12, 1979 The Republic Building was
registered on The National Register of Historic Places.
It is historically significant not only because of its age
and proximity to Houston’s original business district,
Old Market Square, but also because of the
prominent tenants it has housed.
With its close proximity and inspiring views of
the historic Harris Count Courthouse (circa 1910),
the Republic Building has become a prestigious
location for attorneys.
PLEASE DO NOT DISTURB TENANTS
BROKER CONTACTS:
Scott E. Miller
Director
(713) 963 2835
David L. Cook, SIOR, CRE
Vice Chairman
(713) 963 2888
Jeff G. Peden, SIOR
Executive Managing Director
(713) 963 2880
FOR CONFIDENTIALITY AGREEMENT & DUE DILIGENCE INFORMATION CONTACT:
Connie K. Lewis
(713) 963 2875
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.
CUSHMAN & WAKEFIELD OF TEXAS, INC.
1330 Post Oak Boulevard | Suite 2700 Houston, TX 77056
www.cushmanwakefield.com
EOUAL HOUNC OPPORTUNITY
Information About Brokerage Services Texas law requires all real estate license holders to give the following information about
brokerage services to prospective buyers, tenants, sellers and landlords.
11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS:
• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER'S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
Put the interests of the client above all others, including the broker's own interests; Inform the client of any material information about the property or transaction received by the broker; Answer the client's questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker's minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer's agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker's minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller's agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:
Must treat all parties to the transaction impartially and fairly; May, with the parties' written consent appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. Must not, unless specifically authorized in writing to do so by the party, disclose: 0 that the owner will accept a price less than the written asking price; 0 that the buyer/tenant will pay a price greater than the price submitted in a written offer; and 0 any confidential information or any other information that a party specifically instructs the broker in writing not to
disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
The broker's duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker's services. Please acknowledge receipt of this notice below and retain a copy for your records.
Cushman & Wakefield of Texas, Inc. 0234174 [email protected] 713-877-1700
Licensed Broker/Broker Firm Name or Primary Assumed Business Name
License No. Email Phone
Scott Wegmann 276916 [email protected] 713-877-8261
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/ Associate
License No. Email Phone
Sales Agent/Associate's Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Regulated by the Texas Real Estate Commission
Date Information available at www.trec.texas.gov
IABS 1-0 Cushman & Wakefield Of Texas, 1330 Post Oak Blvd Ste 2700 Houston, TX 77056 Phone: (713)963-2888 Fax:713-877-1965 David L. Cook Produced wilh zipForm®by ziplogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.ziplogix.com
New TREC Form -
