A last-minute deal has halted the foreclosure of downtown’s Humble-Exxon tower, giving the owner of the long-vacant tower a chance to sell or redevelop the historic skyscraper after months of legal turmoil.
The reprieve doesn’t resolve the tower’s deep challenges, such as deferred maintenance and a stalled conversion plan, but it does keep a potential $35 million sale option alive, while buying time for the owner to find a new future for one of downtown Houston’s most recognizable structures at 800 Bell.
The saga underscores how complex it is to restore Houston’s aging megatowers, even with a historically significant property and a willing investor…