Bank of America Tower is a 35-story class-A office property in downtown Houston (credit: Eastdil Secured).
HOUSTON—Acquisition financing of $240 million was obtained for the Bank of America Tower, a 35-story class-A office property located in downtown within the West of Main neighborhood. The financing was arranged by PGIM Real Estate Finance on behalf of a joint venture partnership between Beacon Capital Partners, Skanska USA and an institutional investor.
The 780,300-square-foot tower is 90% leased, and anchored by Bank of America and Waste Management. The area is home to 73% of the largest employers in the city's central business district.
Developed by Skanska, Bank of America Tower features a tenant lounge, 9,000-square-foot chef-driven culinary market, 20,000-square-foot SkyPark green roof and 7,000-square-foot fitness facility. The underground retail space is partially exposed with 40-foot ceilings to the ground-level lobby. The property's building systems have helped it garner a LEED Platinum Level 4 designation, making it one of only three properties in the country to do so.
PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1.2 trillion global investment management business of Prudential Financial Inc.
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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.
