HOUSTON (realtynewsreport.com) – The new 29-story Hess Tower in downtown Houston is reportedly being sold to Canadian investor H and R REIT.

The 845,000-sf office building is being sold for a record $445 million, or $527 per sf.

The Hess sale would surpass the previous record high price of $367 per sf that was paid for the Bank of America Center.

Hess leases the entire building at 1501 McKinney, and moved into it in June.

The building was developed by Trammell Crow in conjunction with Principal Real Estate Investors.