Frost Tower, San Antonio's now iconic tower, is up for sale

Photo of Steven Santana
San Antonio’s Frost Tower is now for sale. The namesake company says it won't be affected by the potential sale. 

San Antonio’s Frost Tower is now for sale. The namesake company says it won't be affected by the potential sale. 

File photo

New York real estate firm Newmark listed downtown San Antonio's now iconic Frost Tower for sale. The tower hit the market discreetly within the last quarter.

The firm posted the 24-story headquarters for Frost Bank this week — listed as the "crown jewel" — without an asking price. The property was last assessed at $99.5 million in 2021. While the Newmark listing doesn't have a posting date, a LoopNet listing for the tower says the post was created in November.

MySA reached out to Newmark for comment on the listing. 

The 457,404-square-foot tower, which opened in 2019, was led by developer Weston Urban and designed by architects Pelli Clarke Pelli, according to the listing. About 80 percent of the building is leased out, most of it to the company that serves as the tower's namesake, San Antonio-based Frost Bank.

Other tenants include Ernst & Young, Norton Rose Fulbright, Insight Global and Bitdefender, according to the listing. The top three floors are not leased. 

Bill Day, senior vice president of corporate communications for Frost Bank, says the potential sale will not effect on the company's long-term lease, which ends in June 2039. Day says there are about 600 employees that work out of the building, but most of them are currently working remotely. 

Day declined to comment further on the sale. 

Newmark has three other listings on its website, including the luxury residential tower at 143 E Commerce Street known as the Floodgate. The company also has five apartment properties for sale within San Antonio. 

Weston Urban is currently moving on to its residential development projects that are set to further alter San Antonio's skyline, including a 32-story residential tower and its 15-story redevelopment of the Continental Hotel

 

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