{"id":1004199509,"date":"2017-12-06T05:22:53","date_gmt":"2017-12-06T13:22:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004199509"},"modified":"2023-10-05T02:48:59","modified_gmt":"2023-10-05T10:48:59","slug":"houston-center-trades-for-875m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/","title":{"rendered":"Brookfield Pays $875M for Houston Center"},"content":{"rendered":"
\"Houston<\/a>

Houston Center<\/p><\/div>\n

In one of Houston\u2019s 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\u2019s Brookfield Properties.\u00a0HFF\u00a0also arranged acquisition financing on behalf of Brookfield.<\/p>\n

Spanning 6.5 blocks, Houston Center is the largest property in the city\u2019s central business district. \u201cThe 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,\u201d<\/em> Jeff\u00a0Hollinden, senior managing director with HFF, told Commercial Property Executive<\/em>. \u201cUltimately 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.\u201d<\/em><\/p>\n

Comprised of four office structures and a 200,000-sqaure-foot retail component, Houston Center was developed over a 10-year period ending in 1984. CBRE has been overseeing leasing at the complex<\/a>, which is presently 71.6 leased. The tenant roster features the likes of LyondellBasell Chemical Co., which sparked the renaming of the complex\u2019s One Houston Center to LyondellBasell Tower with its 358,000-sqaure-foot lease extension<\/a> in 2012.<\/p>\n

HOT AND COLD IN HOUSTON<\/strong><\/h2>\n

Hurricane Harvey dampened the Houston office market\u2019s ongoing recovery, but it did nothing to diminish the market\u2019s appeal among investors. \u201cAlong with Houston\u2019s brightening economic outlook, investor interest has returned and 2017 is poised to put Houston back on track in terms of historic investment volume,\u201d<\/em> according to a third quarter report by Avison Young. \u201cOffice investment volume through the third quarter this year was up by over 200 percent compared with the same time frame in 2016.\u201d<\/em><\/p>\n

Other notable transactions in 2017 include Parkway\u2019s sale of a 49 percent interest in Greenway Plaza and Phoenix Tower for $512 million. More recently, Trammell Crow sold the 600,000-square-foot Energy Center IV to Bank of America for $275 million.<\/p>\n

Photo courtesy of\u00a0Mabry Campbell<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With the assistance of HFF, J.P. Morgan Asset Management sold the 4.2 million-square-foot office and retail complex in downtown Houston, in one of the cities largest-ever office transactions.<\/p>\n","protected":false},"author":969,"featured_media":1004199511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21783,21742,21747],"tags":[33497,32792,33223],"class_list":["post-1004199509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-investment","category-latest","category-office","tag-brookfield-properties","tag-hff","tag-j-p-morgan-asset-management"],"acf":[],"yoast_head":"\nBrookfield Pays $875M for Houston Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Pays $875M for Houston Center\" \/>\n<meta property=\"og:description\" content=\"With the assistance of HFF, J.P. Morgan Asset Management sold the 4.2 million-square-foot office and retail complex in downtown Houston, in one of the cities largest-ever office transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-06T13:22:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-05T10:48:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\",\"name\":\"Brookfield Pays $875M for Houston Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg\",\"datePublished\":\"2017-12-06T13:22:53+00:00\",\"dateModified\":\"2023-10-05T10:48:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg\",\"width\":800,\"height\":620,\"caption\":\"Houston Center\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Brookfield Pays $875M for Houston Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brookfield Pays $875M for Houston Center - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/","og_locale":"en_US","og_type":"article","og_title":"Brookfield Pays $875M for Houston Center","og_description":"With the assistance of HFF, J.P. Morgan Asset Management sold the 4.2 million-square-foot office and retail complex in downtown Houston, in one of the cities largest-ever office transactions.","og_url":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-12-06T13:22:53+00:00","article_modified_time":"2023-10-05T10:48:59+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/","url":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/","name":"Brookfield Pays $875M for Houston Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg","datePublished":"2017-12-06T13:22:53+00:00","dateModified":"2023-10-05T10:48:59+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg","width":800,"height":620,"caption":"Houston Center"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/houston-center-trades-for-875m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Brookfield Pays $875M for Houston Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Houston-Center-Photo-by-Mabry-Campbell.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004199509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004199509"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004199509\/revisions"}],"predecessor-version":[{"id":1004684891,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004199509\/revisions\/1004684891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004199511"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004199509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004199509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004199509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}