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Auction-Institutional Seller | One Moody Plza One Moody Plz 395,182 SF 100% Leased Office Building Galveston, TX 77550 For Sale
Investment Highlights
- STARTING BID $750,000 | Institutional Seller | One Moody Plaza | 395,182 SF | Reserve Sub $5/FT | AUCTION JUNE 22-24
- NRHP-Listed Galveston Landmark Office: Listed on the National Register of Historic Places in 2021, opening the door to federal historic tax credit pro
- Galveston Island's Prime Office Market: Galveston draws millions of visitors yearly as Texas's premier Gulf Coast island market.
- 395,000+ SF Downtown Galveston Tower: A 23-story, 357-ft skyscraper built in 1972 with an additional 78,000 SF basement garage, anchoring the Galvest
- Dual State & Federal Historic Designation: Designated a Recorded Texas Historic Landmark and added to the NRHP simultaneously in 2021.
- Value-Add Repositioning Opportunity: 395,182 SF of underutilized space offers real upside through lease-up, renovation, or conversion.
Executive Summary
Marcus & Millichap is pleased to present One Moody Plaza, a 23-story, 395,182 SF landmark office tower at 1902 Market Street in Downtown Galveston, Texas. Completed in 1972 and designed by Neuhaus & Taylor, the building stood as the tallest in Galveston County for over three decades at 357.6 feet. Originally built as the longtime headquarters of American National Insurance Company, it carries a deep institutional legacy in the Galveston market. In 2021, One Moody Plaza received dual historic recognition — listed on the National Register of Historic Places and designated a Recorded Texas Historic Landmark — making it potentially eligible for both federal and state historic tax credit programs. At 395,182 SF across 23 floors, the building is well-suited for lease-up, capital improvement, or adaptive repositioning. Galveston's standing as Texas's premier Gulf Coast island destination, drawing millions of visitors annually and supporting a growing residential and commercial base, points to sustained demand for quality office and mixed-use space in the downtown core.
In addition to its scale, historic designation, and repositioning potential, One Moody Plaza benefits from proactive municipal support from the City of Galveston’s Economic Development team. City officials have indicated a willingness to assist prospective buyers with community information, major industry data, economic development resources, and buyer-specific questions related to the asset. The building’s National Register of Historic Places listing may support eligibility for federal and state historic tax credit programs, and the City has also noted that the property could become eligible for a local historic designation program once the appropriate application is submitted. Further upside may exist through future Opportunity Zone benefits, as the City anticipates nominating the property’s census tract for inclusion in the next Opportunity Zone program, with confirmation expected in 2026 and potential program effectiveness in 2027, subject to State acceptance. This level of city engagement provides buyers with a valuable point of contact as they evaluate redevelopment, adaptive reuse, lease-up, or long-term repositioning strategies for one of Downtown Galveston’s most prominent landmark assets. Contact Michele Hay, Economic Dev. Coordinator for more information - mhay@galvestontx.gov.
In addition to its scale, historic designation, and repositioning potential, One Moody Plaza benefits from proactive municipal support from the City of Galveston’s Economic Development team. City officials have indicated a willingness to assist prospective buyers with community information, major industry data, economic development resources, and buyer-specific questions related to the asset. The building’s National Register of Historic Places listing may support eligibility for federal and state historic tax credit programs, and the City has also noted that the property could become eligible for a local historic designation program once the appropriate application is submitted. Further upside may exist through future Opportunity Zone benefits, as the City anticipates nominating the property’s census tract for inclusion in the next Opportunity Zone program, with confirmation expected in 2026 and potential program effectiveness in 2027, subject to State acceptance. This level of city engagement provides buyers with a valuable point of contact as they evaluate redevelopment, adaptive reuse, lease-up, or long-term repositioning strategies for one of Downtown Galveston’s most prominent landmark assets. Contact Michele Hay, Economic Dev. Coordinator for more information - mhay@galvestontx.gov.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
395,182 SF
Building Class
B
Year Built
1972
Percent Leased
100%
Tenancy
Multiple
Building Height
23 Stories
Typical Floor Size
17,182 SF
Slab To Slab
12’
Building FAR
5.07
Lot Size
1.79 AC
Zoning
CB
Parking
144 Spaces (0.36 Spaces per 1,000 SF Leased)
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Very walkable
80/100
Exceptionally drivable
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 3505-0559-0000-000 | Improvements Assessment | $26,372,523 CAD |
| Land Assessment | $2,697,477 CAD | Total Assessment | $29,070,001 CAD |
Property Taxes
Parcel Number
3505-0559-0000-000
Land Assessment
$2,697,477 CAD
Improvements Assessment
$26,372,523 CAD
Total Assessment
$29,070,001 CAD
Contacts
-
Adam Sklaver -
Keith Lloyd -
Philip Kates -
Kyle Hynes -
Timothy Speck -
Marcus & Millichap
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Auction-Institutional Seller | One Moody Plza | One Moody Plz
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