The recent purchase of the Jones on Main buildings in downtown Houston by The Wideman Company is a big deal for the city’s office market.
Houston’s office market has had some tough times after the pandemic, but this real estate company from Florida buying these buildings shows they believe in the downtown area.
The two buildings, the JPMorgan Chase Bank Building and the Great Jones Building are old and special. The Wideman Company buying them with cash, without saying how much, shows they think fixing up old buildings in cities is a good idea.
Making Downtown Houston Better
The Wideman Company wants to make the empty offices in these old buildings nice again. This is part of a trend of making old buildings cool for new businesses.
They’ll make new offices in the big building, 712 Main, and they’re still thinking about what to do with the smaller one, 708 Main. Maybe it will become homes. This is a smart way to make cities better.
WeWork leaving their big office at 708 Main means there’s space for new companies. This shows how offices in cities can change a lot.
Even though lots of offices in downtown Houston are empty, the Jones on Main buildings isn’t doing too bad with only 30% space.
This means people still like these buildings. And even though rent in downtown Houston is high, over $41 for each square foot, The Wideman Company thinks it’s worth it to fix up these buildings.
Big Plans for City Offices
The Wideman Company’s move to buy these buildings shows that people are changing how they use city offices after the pandemic.
They might change some offices into homes, which shows that cities can change and stay strong.
The Wideman Company wants to make the old buildings better, but still keep what makes them special. This is a good idea for other people who want to invest in city offices after the pandemic.
