Kemp Management plans to buy downtown

opexibu.wordpress.com
GLO Press Secretary Jim Suydam saidhe can’gt talk about the terms of the deal sinces it’s technically not yet complete. But he did say that Kemp planxto renovate, not tear down the building, using it for specialtuy office space. Once the building is advertising and marketing agency McGarrab Jessee will become thelead tenant, taking approximatelg 25,000 square feet. Mark McGarrah said the company plansz to move in July and will shift completely from itscurrent 15,000-square-foot offices on Brazos St. to the Starr The building’s historic piece of art, the giantg Seymour Fogel Mural, will also be preserved.
“Commissioner Patterson has worked withthe buyer, the Texaes Historical Commission and the Texas Commission on the Arts to includew a permanent conservation easement that would preservse the Seymour Fogel Mural in place, in perpetuity,” Suydamn said. According to the Texas Commissiom onthe Arts, the muraol was painted in 1954 for then American National Bank as commissio n to highlight the modernist featuresw of the new building. CB Richard Ellis Inc. has been working with the GLO to sell the which sits on the corner of Sixt and Colorado Streets and encompassesz half of acity block.
The property was expectexd to garner significant interestt because of its location in the hearf of downtown and because the site is unimpededx by height restrictions should a buyer have optede toredevelop it. The GLO acquired the four-story building in 2005 on behalf ofthe state’s Permanentf School Fund for just over $4 million. That same year the building’as last tenant, the Texas Comptroller’s moved out and the property has beenunoccupiee since.