Hines Takes Over Texas' Tallest Building In 2.1M SF Office Deal
Texas' tallest tower is officially under new ownership. Houston-based Hines and an affiliate of Cerberus Capital Management closed on the 75-story 600 Travis St. (formerly JPMorgan Chase Tower) and the adjacent 20-story 601 Travis St. (formerly JPMorgan Chase Center), totaling 2.1M SF of office and retail space in Downtown Houston. Hines developed both buildings and currently manages them, though it had sold its ownership stakes.
The joint venture paid about $627M, or $300 per SF, for the 2.1M SF office complex, according to initial reports.
Hines has been very active in Downtown Houston with two megaprojects, Texas Tower and The Preston, under construction near the recent acquisition.
A capital improvement project will soon begin at 600 Travis, adding major updates to the lobby and exterior plaza area, collaborative workspaces and the addition of a conference center designed by HOK, the buyers said in a news release. 601 Travis was recently renovated.
“We’re excited to be partnering with Hines on the acquisition of these iconic Houston buildings. 600 & 601 Travis are institutional assets that strategically sit in Downtown Houston’s thriving North District, which boasts a mix of office, living, and cultural offerings,” Cerberus Senior Managing Director Tom Wagner said in the release. “We look forward to leveraging our firms’ combined operating and asset management expertise to upgrade and modernize 600 Travis to meet the contemporary needs of tenants in this dynamic market.”
