Report: Duncan family to buy Shell HQ

The family of late billionaire Dan Duncan is buying Shell Oil’s downtown headquarters for about $550 million, according to a report from commercial real estate publication Real Estate Alert. If the deal closes as reported, the transaction would shatter Houston’s price record for office properties. That purchase price amounts to $307 per square foot for the two-building, 1.8 million-square-foot complex. The current record is downtown?s Hess Tower which recently was sold to Canadian real estate investment trust $442.5 million. Holliday Fenoglio Fowler, who is listing the properties for owner Hines, would not comment. The Duncan family could not be reached late Friday. After considering a move to the suburbs, Shell [...]

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