Two Downtown Vintage Buildings Change Hands

HOUSTON BUSINESS JOURNAL

In the company’s first downtown venture, Houston-based Braun Enterprises recently purchased two Central Business District historic structures.

The 10-story Great Jones Building, at 708 Main St., totals 78,843 square feet and was built in 1908. The structure was renovated in 2002 with additional upgrades as recently as last year. At one time, the building was home to Texas Co., or Texaco, and was also formerly known as the Bankers Mortgage Building.

The other structure, the mixed-use McCrory Building, contains 29,036 square feet of office and ground-floor retail space on the corner of Prairie and Main streets. Built in 1912, the three-story building at 1004 Prairie was renovated in 2000. When it was constructed, it was known as the Isis Theater, a silent movie theater from 1913 to 1929.

Mike Hassler and Todd Casper with CBRE in Houston arranged the transaction on behalf of the Dallas-based seller, Spire Realty Group. The transaction cost was not disclosed.

Braun Enterprises has been absorbing smaller property in hot areas of town that many of the big players in commercial real estate may overlook, Dan Braun, principal with Braun Enterprises, told me earlier this year.

Braun recently acquired an unused portion of the Baptist Temple Church on 19th Street in the Heights. The company plans to demolish the downtrodden buildings and transform the area into a place for retail and restaurants.

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