{"id":1004375435,"date":"2019-12-12T07:14:21","date_gmt":"2019-12-12T15:14:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004375435"},"modified":"2019-12-12T08:50:39","modified_gmt":"2019-12-12T16:50:39","slug":"skanska-sells-share-in-houston-office-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skanska-sells-share-in-houston-office-high-rise\/","title":{"rendered":"Skanska Sells Share in Houston Office High-Rise"},"content":{"rendered":"
\"\"

BofA Tower in Houston, Texas. Image courtesy of Skanska<\/p><\/div>\n

Skanska has divested its 90 percent interest in the Bank of America Tower in Houston, selling it to an affiliate of Boston-based Beacon Capital Partners for SEK 3.5 billion, or $373 million. The transaction will be recorded by Skanska USA Commercial Development in the fourth quarter of 2019.  <\/p>\n

Bank of America Tower offers about 780,000 square feet of Class A office space at 800 Capitol St. in Houston\u2019s Central Business District. The building has ground-floor retail, parking on floors two through 11 and office space on floors 12 through 35. Tenants include Bank of America, Waste Management, Winston and Strawn, and Quantum Energy Partners. <\/p>\n

The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. Tenants also have access to The Assembly, a conference and private events center that features three meeting venues.<\/p>\n

\n

READ ALSO:<\/strong> Skanska Builds for the Future<\/a><\/p>\n

\n

Construction of Bank of America Tower began in the second quarter of 2017 and was completed in the second quarter of 2019. The building is certified as LEED Platinum and reportedly will use 25 percent less energy than typical facilities.<\/p>\n

The building is currently 14.6 percent vacant, according to Yardi Matrix data. <\/p>\n

Greener but Struggling a Bit  <\/strong><\/h2>\n

In July, Bank of America Tower reportedly was the first U.S. project to earn the LEED V4 Platinum<\/a> for Core and Shell designation, currently the most stringent certification offered by the U.S. Green Building Council.<\/p>\n

Despite Houston\u2019s image as an oil-driven town, green seems to be big there these days. Earlier this year, Hines\u2019 Texas Tower, a 47-story office building<\/a> at 845 Texas Ave. also received the LEED V4 Platinum for Core and Shell pre-certification. That building is set to open in late 2021 and is at least 33 percent leased already.<\/p>\n

The average Class A vacancy in Houston\u2019s CBD is 22.1 percent, with an average asking rent of $46.04 per square foot per year, according to a third-quarter report from Colliers International. Year to date, Class A space in the CBD has seen modest net absorption, unlike the metro area overall, which has experienced net negative absorption.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a deal worth $373 million, an affiliate of Beacon Capital Partners purchased a 90 percent interest in the 35-story Bank of America Tower. <\/p>\n","protected":false},"author":882,"featured_media":1004375459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1589,21783,21742,21747],"tags":[34128,32886],"class_list":["post-1004375435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-houston","category-investment","category-latest","category-office","tag-beacon-capital-partners","tag-skanska"],"acf":[],"yoast_head":"\nSkanska Sells Share in Houston Office High-Rise - 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\/skanska-sells-share-in-houston-office-high-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Skanska Sells Share in Houston Office High-Rise\" \/>\n<meta property=\"og:description\" content=\"In a deal worth $373 million, an affiliate of Beacon Capital Partners purchased a 90 percent interest in the 35-story Bank of America Tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/skanska-sells-share-in-houston-office-high-rise\/\" \/>\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=\"2019-12-12T15:14:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-12T16:50:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/BofA-Tower-in-Houston-Texas.-Image-courtesy-of-Skanska-USA-2.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=\"Scott Baltic\" \/>\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\/skanska-sells-share-in-houston-office-high-rise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/skanska-sells-share-in-houston-office-high-rise\/\",\"name\":\"Skanska Sells Share in Houston Office High-Rise - 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