CPS Energy sells former HQ building; buyer to turn it into hotel

The deal marked one of 2021′s final major office transactions.

CPS Energy's former main office at 145 Navarro St. has been sold. (San Antonio Business Journal)

Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.

CPS Energy has sold the second of two buildings comprising its downtown headquarters, and the buyer plans to turn it into a hotel.

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Blueprint Hospitality, headquartered in Houston and Chicago, bought the 10-story office building at 145 Navarro St. as well as CPS’ interest in the Tower Life Building parking garage last month for $19 million, the Express-News first reported.

There were multiple bidders, CPS spokesperson Christine Patmon confirmed to the Business Journal. The public utility company had no further comment.

The building includes 211,352 square feet of space, with 201,805 square feet having been rentable office space. The first eight floors were built in 1926, with the ninth and ten floors completed in the mid-’80s.

Blueprint specializes in converting historic buildings to hotels. The Express-News reported that the firm has not yet chosen a hotel brand or the number of rooms the building would include.

Los Angeles-based developer BH Properties — which bought the adjacent Navarro Building at 146 Navarro St. — has proposed beginning renovations on that office building and parking garage Feb. 1, 2022, with completion penned for Jan. 30 2023, according to a filing with the Texas Department of Licensing and Regulation.

That building includes three floors of office space — 100,000 square feet total — with 28,000-square-foot floor plates with wraparound patios, 9-foot ceilings and floor-to-ceiling windows with views of downtown.

CPS Energy consolidated its operations into its new headquarters building at 500 McCullough St. in 2020.

Click here to read the full story in the San Antonio Business Journal.

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