Tom Melody, executive managing director of LJ Melody & Co., has arranged the package for the existing debt. He tells GlobeSt.com that he is bullish on the short- and long-term prospects for the city's CBD. In the past five years, Melody has put together more than $800 million in financing packages for properties such as the Bank of America building, Pennzoil building, One Shell Plaza, 1100 Louisiana, 1201 Louisiana, 1600 Smith and Hyatt Regency Hotel.

Melody says virtually all of this money has come from out-of-state investors interested in the Houston market. He says there has always been high out-of-state and international interest in Houston for the investor-owner market. The city's large concentration of oil-related services is particularly attractive, he says.

Melody believes the downtown office market will continue to be tight, particularly in class-A space. Net absorption will continue to be positive, he says. And for now, the national perspective on Houston is favorable.