Texas Tower is LEED Platinum licensed. Picture courtesy of CommercialEdge
A three way partnership between Hines and Ivanhoé Cambridge secured a lease with Morgan Stanley spanning 37,600 sq. toes at Texas Tower in Houston. The possession was represented by Cushman and Wakefield within the transaction, whereas JLL labored on behalf of the tenant.
Accomplished in 2019 by the present homeowners, the constructing rises 47 tales and spans 1,131,856 sq. toes, that includes 31,255-square-foot ground plates and together with 15,000 sq. toes of retail house. It encompasses facilities equivalent to an 8,000-square-foot health middle, rooftop gardens and a high-tech convention middle. In 2018, it grew to become topic to a $317.6 million mortgage from New York Life Insurance coverage Co, in accordance with CommercialEdge information. The constructing additionally not too long ago achieved LEED and WELL Platinum certifications.
Following the deal, Texas Tower achieved 80 % occupancy, housing tenants equivalent to Vinson, Chicago Title and Constitution Title Co. Just lately, world legislation agency Clifford Likelihood additionally inked a 60,400-square-foot lease on the property, for 2 full flooring. The tenant beforehand operated from The Sq. at Texas Tower, Hines’ coworking platform.
Situated at 845 Texas Ave., the property is inside downtown Houston, in proximity of entry factors for interstates 10 and 45. It’s also inside strolling distance of Houston Metropolis Corridor, in addition to close to a number of mild rail stations.
Houston registers excessive emptiness charges
JLL Govt Vice President John Burke represented Morgan Stanley within the transaction. Possession was represented by Cushman & Wakefield Govt Managing Director Michael Anderson.
As of September, Houston registered the best emptiness charge within the U.S. at 24.9 %, marking a 30-basis-point improve year-over-year, putting it considerably above the nationwide common of 17.8 %, in accordance with a latest CommercialEdge report. Common asking charges within the metro clocked in at $30.66, representing a 2.7 % improve over 12 months and exceeding the 0.3 % nationwide common development charge, the identical supply reveals.
