Wideman Co. Lands $45M Refi for Houston Office Building

The Wideman Co. has obtained $45 million in refinancing for The Jones on Main, an 894,000-square-foot office building in Houston, according to Yardi Matrix information. International Bank of Commerce provided the note.

The borrower acquired the asset in May last year from Lionstone Investments, the same source shows. The previous owner picked up the property, as well as an adjacent office space at 708 Main St., and merged them. Older financing included an $80 million loan from Bank of America originated in 2015.

The tenant roster includes Lionstone, Schwartz Associates and JP Morgan. Located at 712 Main St. within the city’s central business district, The Jones on Main is close to Interstate 69. George Bush Intercontinental Airport is 17 miles northeast.

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Originally constructed in multiple phases in 1929, 1948 and 1951, the 34-story building also underwent renovations in 1987 and 2017. Also known as JPMorgan Chase Bank Building, the property has floorplates averaging between 6,014 and 11,477 square feet.

Amenities at the LEED Silver-certified high-rise include outdoor rooftop event spaces, a private cocktail lounge and 24 passenger elevators. The property also houses a food hall.

Office originations pick up steam year-over-year

Office loan originations increased 140 percent year-over-year at the end of the second quarter, according to a Mortgage Bankers Association report, marking the highest increase compared to other property types. However, originations for office properties dropped 18 percent quarterly.

In February, a joint venture between Hines and Ivanhoé Cambridge obtained $450 million in refinancing for Texas Tower, a 1.2 million-square-foot Houston building. The 47-story high-rise came online in 2021.