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Canadian REIT Buys Houston's Hess Tower for $442.5 Million

Developers Complete Sale of Houston Office Property for Record Price
By Laurie Forbes
December 22, 2011 | 10:17 P.M.

H&R Real Estate Investment Trust purchased Hess Tower at 1501 McKinney St. in Houston's central business district for $442.5 million for a market record of $524 per square foot. Trammell Crow Co. and Principal Real Estate Investors, the sellers, announced the deal's completion on December 22.

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