One of Downtown Houston's biggest landlords just got 4.2M SF bigger. Brookfield Property Partners closed on Houston Center, a deal that includes the 46-story LyondellBasell Tower, the 51-story Fulbright Tower, the 40-story 2 Houston Center, 4 Houston Center and the Shops at Houston Center. With the acquisition, Brookfield now owns 12M SF in Houston's central business district.

The price was not disclosed, but sources say the deal is valued at roughly $875M, a sign of Houston's growing office investment.

“I would describe the amount of investor interest in this offering as very robust,” said HFF Senior Managing Director Jeff Hollinden, who represented the seller. “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.”

At 72% occupancy, Houston Center offers room for growth. The complex is in an area of Downtown that has seen transformative public and private projects, including Discovery Green, Marriott Marquis, George R. Brown Convention Center and Avenida Houston. It has a Walk Score of 98, the highest Walk Score rating in Houston.

Brookfield is planning to redevelop the asset, focusing on enhancing the overall tenant experience with improvements to the building's lobbies, skybridges and common areas.

Brookfield has brought on Transwestern to oversee leasing efforts at Houston Center.

Hollinden and HFF Executive Managing Directors Scott Galloway and Mark Gibson and Senior Director Trent Agnew represented the seller, institutional investors advised by J.P. Morgan Asset Management. HFF also advised the buyer on the acquisition financing for Houston Center.