Bank of America Tower Gets $240M Acquisition Funding
$240 million in acquisition financing was obtained for the Bank of America Tower, a 35-story class-A office asset on behalf of a joint venture of Beacon Capital Partners, Skanska USA and an institutional investor.
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.