1902 Market Street, Galveston, TX 77550 For Sale

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RealINSIGHT Marketplace, in partnership with 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 - [email protected].