Hess Tower sold for a record $445 million: Prized Discovery Green locale going to a Canadian group

Hess Tower, a new 29-story building in downtown Houston, is being sold to H&R REIT, a Canadian-based real estate investment group for a record $445 million, according to Real Estate Alert, a national real estate newsletter.

The deal, if completed as planned, would amount to a sales price of $527 per square foot for the 845,000 square foot tower, according to the publication that closely follows significant realty investments.

The CB Richard Ellis realty firm has been marketing the tower, 1501 McKinney across from Discovery Green. Hess leases the entire building and moved into it in June.

The Hess sale would surpass Houston's previous record high price of $367 per square foot which was paid for Bank of America Center recently.

The Hess building was developed by Trammell Crow in conjunction with Principal Real Estate Investors. While it was being built, the building was named Discovery Tower, but it was renamed when Hess relocated from the One Allen Center development in another part of downtown Houston. The Hess lease was one of the biggest leases ever signed in Texas.