Brookfield has agreed to pay $875M for the Houston Center office complex, a four-building portfolio totaling 4.2M SF. J.P. Morgan Asset Management decided to part ways with the value-add investment opportunity. Completed in 1982, the asset is positioned for extensive upgrades to compete with Houston's evolving Class-A office space.

The deal includes: LyondellBasell Tower, a 46-story tower with 1M SF at 1221 McKinney; 2 Houston Center, a 40-story tower with 1M SF at 909 Fannin; Fulbright Tower, a 51-story, 1.2M SF tower at 1301 McKinney; 4 Houston Center, which has 674K SF at 1221 Lamar; and the 200K SF Shops at Houston Center at 1201 McKinney.

HFF's Jeff Hollinden, Trent Agnew and Scott Galloway marketed the property on behalf of JPMorgan Chase.

With Houston's recent office struggles, 2016 was a year to wait and see, but 2017 has seen its share of office deals as buyer and seller expectations align. Early this year, a 49% stake in Parkway's 5M Greenway Plaza portfolio was sold to a JV. In August, Lincoln Property purchased the 2M SF Greenspoint portfolio. Office investment sales totaled $330M in 2016. This year has already far surpassed that number, with $1.4B sold to date.