Houston's Historic Esperson Buildings Sold.

SAN FRANCISCO -- Seventh graph, first sentence should read: Last year, BOMA International recognized the Esperson buildings as "Office Building of the Year" in the historical building category. (sted Earlier this year, BOMA International recognized the Esperson buildings as "Office Building of the Year" in the historical building category).

The corrected release reads:

HOUSTON'S HISTORIC ESPERSON BUILDINGS SOLD

For nearly 50 years, The Swig Company refurbished and modernized the two office towers, making sure this Houston treasure will live on for decades to come.

The Swig Company announced today that after nearly 50 years of ownership -- and the completion of a multi-million dollar refurbishment and modernization program -- it has sold The Esperson Buildings, one of downtown Houston's best known and most ornate office properties.

Although terms of the sale to Cameron Management, a local Houston-based investment group, were not disclosed, the sale of the property closely follows the completion of a significant five-year capital improvement program at the buildings.

Jeanne Myerson, CEO of the private San Francisco-based real estate investment and management company, said that the sale of the Esperson properties was part of a natural evolution of The Swig Company's national property portfolio.

In recent years The Swig Company has been actively re-positioning its entire investment portfolio, in the process becoming a more active buyer and seller of institutional quality property investments as well as in restructuring its debt positions on portfolio assets.

"Now that the Esperson Buildings have been brought up to institutional investment grade standards, we are turning over the ownership and management of the properties to a local group of investors," Myerson said. She added that the sale is "strategic" in that it allows the company to continue seeking out new investment opportunities where, "we can apply our value-add expertise in leasing, asset management and capital restructuring to enhance value."

The $15 million multi-year reformation of the historic buildings completed under the joint auspices of The Swig Company and its partner, a pension fund advisor, included both external cosmetic renovation and a modernization of the buildings' functional systems, including the replacement of major mechanical systems such as chillers and pump equipment.

Last year, BOMA International recognized the Esperson buildings as "Office Building of the Year" in the historical building category. Built in two phases, in 1926 and 1941, the Esperson Buildings features two office towers with the tallest topped by a dramatic Italianate dome modeled on Rome's Tempietto of San Pietro designed by Donato Bramante and built in 1502.

The two office buildings, known individually as the Niels and Mellie Esperson Buildings, named after their original developers, total 570,000 square feet of space and are currently about 80 percent leased. Major tenants include several renowned architectural, banking, legal and public relations firms.

About The Swig Company

The Swig Company (www.swigco.com) is a private investment company with a 60-year history of development, ownership and management of commercial real estate properties in major markets throughout the United States. The Company's diversified portfolio includes over 7 million square feet of office buildings in markets such as New York, San Francisco and Southern California. The Swig Company also owns and controls over 1,500 full-service luxury hotel rooms, approximately 650,000 square feet of industrial space, and assortment of other credit-leased properties and land parcels. The Swig Company's primary investment mission is to add value to its investment portfolio through proactive asset-management, acquisitions, dispositions, selective development and redevelopment and professional property management.