A New Chapter for a Historic Landmark

The iconic 110-year-old Texaco Building, located at 1111 Rusk Street in Downtown Houston, has been sold to Florida-based investor Hasta Capital. The move marks a striking milestone in Houston’s ongoing office-to-residential transformation trend.ChronRealty News Report

Originally constructed in 1915—featuring stylings in Renaissance Revival and Beaux‑Arts—the building was expanded with wings in 1938 and 1958. After Texaco vacated the premises in 1989, the landmark lay dormant for decades until its revitalization.ChronWikipedia

Redeveloped by Dallas-based Provident Realty Advisors, the structure reopened in 2017 as “The Star”, a 286-unit luxury apartment complex with street-level retail and seamless connectivity to Houston’s light rail and tunnel systems.ChronRealty News ReportWikipediaBDC Network

The Bigger Picture: Houston’s Office-to-Residential Wave

This sale highlights a citywide pivot: in Q2 2025, 25.9% of Downtown Houston office space was vacant—far higher than the national average. As a result, Houston now ranks among top U.S. cities (alongside Cleveland and Boston) converting office towers into apartments, with over 6.7 million square feet targeted for conversion or demolition.Chron

Experts note that while such transformations are increasingly necessary, they remain challenging—particularly for more modern buildings that don’t qualify for historic tax incentives.Houston Chronicle

Why It Matters

• Historic Preservation: The sale emphasizes the value of reimagining heritage architecture for modern use.

• Market Adaptation: It showcases how downtown spaces continue to adapt to new market realities and housing needs.

• Investor Confidence: Hasta Capital’s acquisition signals confidence in the long-term viability of high-end downtown living.

What Comes Next?

Expect continued interest in similar conversions—especially structures with historic credence. Developers and investors will likely keep an eye on buildings that offer both architectural significance and the potential for profitable reuse.

Interested in other office-to-residential projects or want insight into Houston’s evolving real estate landscape? I’d be glad to help! Let me know if you’d like a tailored market overview or assistance exploring these opportunities.