Frost Tower for sale in San Antonio, but bank and building logo will stay
The New York real estate firm Newmark has listed the Frost Tower in downtown San Antonio for sale, but the bank's operations will continue even after a sale is made.
The 23-story building was constructed and is owned by Weston Urban. Frost Bank helped finance the structure with more than 457,000 square feet. Frost occupies 14 of the floors and had 600 employees in the building before the pandemic.
There is not a price tag listed. The building was constructed at a cost around $142 million.
Frost Bank spokesman Bill Day said the Frost logo will stay on the building, and it will be business as usual through any sales transaction.
"We'll still be the main tenant in the building. Our lease runs through June of 2039. So, we have no plans to change or do anything. We're committed to downtown San Antonio," he said.
The building opened in 2019 and is the first major office tower in 30 years to be completed downtown.
One industry source said it's not uncommon for developers to put their buildings up for sale after completion. Many developers tend to want to focus on development and not management of properties.