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Empty Office Tower Gets New Life
Description
UBS Realty Investors just sold a massive, mostly empty downtown Houston office tower to Zhukovskyi Development — a Tampa-based apartment builder — for over $48 million. Built in 1956 and last renovated last year, the 24-story, half-million-square-foot building at 919 Milam St. was previously purchased in 2025 by 3L Real Estate, which also eyed a $26M conversion. With Texas recently passing legislation to ease zoning hurdles, this landmark property — ranked a top candidate for residential conversion — could soon become a model for urban reinvention.
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