CBRE to Handle Management, Leasing for 4.2 MSF Houston Center

By Georgiana Mihaila, Associate Editor

As of the end of January 2012, CBRE Group Inc. assumed property management and leasing responsibilities for the 4.2 million-square-foot Houston Center. The firm, considered to be the world’s largest commercial real estate services firm, was selected by J.P. Morgan Asset Management, acting on behalf of institutional investors it advises. Up to that point, Crescent Real Estate Holdings L.L.C. was in charge of both management and leasing.

The mega-property includes four A Class buildings encompassing approximately 4.2 million square feet of retail and office space. Situated in a prime location on the east side of downtown Houston, the property consists of 1 Houston Center, 2 Houston Center, 4 Houston Center, Fullbright Tower and the Shops at Houston Center.

Built between 1978 and 1984, Houston Center is recognized as one of the city’s most prominent office and retail complexes, which helped revitalize the east side area. Since its completion, a host of other large-scale buildings–such as Minute Maid Park, Toyota Center, Discovery Park, Hilton Americas Hotel and Hess Tower–have been built, turning this area of downtown Houston into a thriving and sophisticated destination.

According to official sources, Houston Center will now benefit from CBRE enhancements, including top-of-the-line appearance standards, premier-level tenant relations, improved operations management, streamlined communication and synergy between management and leasing.

“CBRE’s appointment is evidence of its proven platforms and unsurpassed experience with similar premier properties,” said Mark Nicholson, managing director of asset services for CBRE in Houston. “Our strength, strategy and creativity will assist J.P. Morgan in achieving their goals for this significant asset and enhance the tenant experience.”