HOUSTON—The largest property in the central business district, Houston Center, has a new owner. Sources tell GlobeSt.com that the buyer was Brookfield Asset Management with an acquisition price of approximately $875 million.
Houston Center is a 4.2-million-square-foot urban office and retail complex, which comprises three high-rise office towers and a 16-story office building atop 196,000 square feet of retail. Currently 71.6% leased, the property's largest tenants include LyondellBasell Chemical Company, Norton Rose Fulbright, and Haynes and Boone.
The LEED Gold-certified asset occupies a 9.2-acre 6.5-block site that offers fine dining and casual restaurants such as Pappas Brothers Steakhouse and Massa's South Coast Grill, fitness offerings such as Fit Athletic Club healthcare facilities including Kelsey-Seybold Clinic, and connectivity to the rest of downtown through the tunnel system and skybridges. Additionally, with a Walk Score of 98, Houston Center is within walking distance to the METRORail, the 12-acre Discovery Green park, George R. Brown Convention Center, Toyota Center (Houston Rockets), Minute Maid Park (Houston Astros) plus an array of residential and hotel amenities.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
