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    Real Estate Rumblings

    Big foreign money: Korean buyers behind near-record $480 million Houston office tower sale

    Ralph Bivins
    Ralph Bivins
    Apr 26, 2013 | 4:17 pm

    Korean investors are believed to be behind the $480 million purchase of the 46-story BG Group Place office tower in downtown Houston, in a deal organized by Invesco Real Estate, a Dallas-based firm that represents major real estate investors, according to Real Estate Alert, a highly respected real estate investor newsletter.

    The $480 million sales price represents one of the highest sales prices in Houston’s history.

    According to people in the investment community, Invesco is buying the skyscraper on behalf of the National Pension Service of Korea or a similar Korean organization, the newsletter reported.

    Korean money has been reallocated and invested in U.S. realty in a fast pace recently because of political unrest and the nuclear threat from North Korea.

    “Koreans have been coming to the U.S. and they are buying assets,” said CBRE's Bernard Branca. “We are seeing a lot of Korean buyers.”

    “Koreans have been coming to the U.S. and they are buying assets,” said Bernard Branca, senior vice president of office investments for the CBRE real estate firm in Houston. “We are seeing a lot of Korean buyers.”

    The sellers of the BG Group Place building, Hines and Calpers, were represented by Eastdil Secured, a real estate investment firm with significant contacts in the Far East.

    The 973,000-square-foot tower is expected have a final sales price of $485 per square foot, the second-highest per square-foot sales price ever in Houston, Real Estate Alert reported.

    The record sales price in Houston was set when H&R REIT paid $524 per square foot or $442 million for the 845,000-square-foot Hess Tower in 2011.

    The highest dollar price was set when the 1.8-million-square-foot One and Two Shell Plaza sold for $550 million last summer to an affiliate of Enterprise Products, Real Estate Alert said. The sale is expected to close soon.

    BG Group Place is 92 percent leased. The BG Group energy firm is the largest tenant, with KPMG and the BakerHostetler law firm also having large offices. The building, completed in 2011, is located at 801 Main Street. Pickard Chilton was the architect.

    In developing BG Group Place, Hines anointed Main Street as a viable venue for new office development today. Years ago Main Street had been ceded to transit domination, making Main Street not much more than an elongated bus stop. But Main Street has enjoyed a revival in recent years as METRO rail arrived and new development has occurred.

    Hines has proposed to build another Main Street tower on Block 69 at the southeast corner of Main and Texas Avenue, just a couple of blocks from BG Group Place.

    BG Group Place in downtown Houston has been sold for a near record price.

    News_Ralph_Hines building_exterior_BG Group Place_skyscraper
    Photo by Ralph Bivins
    BG Group Place in downtown Houston has been sold for a near record price.
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    Where to Live Now

    Houston high-rise's 2-story penthouse hits the market at $11 million

    Brianna McClane
    May 12, 2026 | 10:30 am
    ​Penthouse 2502 at The Belfiore
    Photo by Harry Stonhill
    Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

    For those looking to move on up to a deluxe penthouse in the sky — the new $11 million listing at 1275 S. Post Oak Lane, Unit 2502 hits the right note.

    At nearly 9,000 square feet, Penthouse 2502 at The Belfiore spans the top two floors of the 26-story high rise.

    "The team that created Penthouse 2502 offers Houston something exceptionally rare: a brand-new, never-occupied, two-story residence with custom-caliber design atop an established luxury tower," said Justin Dugat of Douglas Elliman, co-listing agent with Misty Meredith, in a statement.

    The penthouse underwent a full build-out in the past seven months under the guidance of Jeffrey Fawaz and Mike Elaridi of Fratelli Companies with Ghandi Saad and Salim Obeid of RSG Development Group.

    “From the beginning, we saw the opportunity to create something truly elevated; not just in design, but in experience,” Fawaz said. “Every detail was approached with intention, and the result is a space that reflects both luxury and functionality in a seamless way.”

    \u200bPenthouse 2502 at The Belfiore

    Photo by Harry Stonhill

    Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

    What was once a blank concrete shell is now an 8,689-square-foot home with five bedrooms, including two primaries and a dedicated 680-square-foot dressing room, along with three full and three half bathrooms.

    The home’s two floors are connected via both an interior lift and a floating staircase that serves as a sculptural centerpiece. Multiple entertaining spaces include a media room, office, wet bar, massage room, and a wine cellar.

    The views are a luxury of their own, with floor-to-ceiling windows and two corner terraces offering panoramas of the east, west, and south.

    The list of elevated features is extensive, including an automated designer lighting system by Lutron and appliances from La Cornue and Gaggenau. Venetian plaster, Italian marble countertops, European cabinetry, and custom white oak herringbone flooring throughout highlight the attention to craftsmanship.

    The Belfiore’s amenities add to the penthouse’s appeal, with a 24-hour concierge and valet, swimming pool, athletic club, private dog park, and — perhaps most enticing in Houston — industrial generators. The perks come with a hefty monthly maintenance fee of $11,157.

    The 45-residence building, completed in 2016, was originally developed by Giorgio Borlenghi of The Interfin Companies alongside McNair Interests, the investment entity of late Texans owner Bob McNair.

    “Houston’s luxury high-rise condo market is gaining momentum, driven by demand for a lock-and-leave, full-service lifestyle,” Dugat said. “As more wealth flows into the city, buyers are prioritizing efficiency, design, and the ability to spend more time living and less time managing a traditional home.”

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