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.
A Holliday Fenoglio Fowler LP team represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. Additionally, HFF advised the buyer on the acquisition financing for Houston Center. The HFF investment advisory team included senior managing director Jeff Hollinden, executive managing directors Scott Galloway and Mark Gibson, and senior director Trent Agnew.
“I would describe the amount of investor interest in this offering as very robust,” said Hollinden. “Both domestic and offshore investors were attracted by the deal size, strength of the location, diversified tenancy and the overall resiliency of the Houston economy and office market.”
Transwestern has been retained to lease the property.
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,
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.
A Holliday Fenoglio Fowler LP team represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. Additionally, HFF advised the buyer on the acquisition financing for Houston Center. The HFF investment advisory team included senior managing director Jeff Hollinden, executive managing directors Scott Galloway and Mark Gibson, and senior director Trent Agnew.
“I would describe the amount of investor interest in this offering as very robust,” said Hollinden. “Both domestic and offshore investors were attracted by the deal size, strength of the location, diversified tenancy and the overall resiliency of the Houston economy and office market.”
Transwestern has been retained to lease the property.
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