Houston Center Trades for $875M
ByIn one of Houston’s largest office transactions ever, the 4.2 million-square-foot Houston Center has traded for $875 million. Having relied on HFF to secure a buyer, institutional investors advised by J.P. Morgan Asset Management sold the nine-acre downtown property to Canada’s Brookfield Properties. HFF also arranged acquisition financing on behalf of Brookfield.
Spanning 6.5 blocks, Houston Center is the largest property in the city’s central business district. “The amount of interest we had in this offering is a clear indicator that investors think the time is right to make a major acquisition in Houston,” Jeff Hollinden, senior managing director with HFF, told Commercial Property Executive. “Ultimately the size of the deal was a plus, and it actually resulted in inquiries from investors who have not been active in the Houston market in a very long time.”…
