Mortgage Refinance | 1 M-SF Marathon Oil Tower Management Assignment Goes To CBRE

February 9, 2012 – 5:33 am

HOUSTON- CBRE , which has been responsible for leasing activities at the 1-million-square-foot Marathon Oil Tower office building, has been tapped by building owner Hanover Real Estate Partners to manage the building as well. CBRE’s local office will take over the contract from Transwestern , which has handled property management for the office property since 2007.

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According to a press release detailing the new assignment, Hanover initially awarded CBRE the leasing assignment in 2005. That same year, the owner obtained a $75 million mortgage refinance to help convert a series of subleases in the building at 5555 San Felipe to direct leases. The money has been used to help fund some capital improvements in the 1980s building as well.

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