Hines REIT sells Houston’s Williams Tower to Invesco Real Estate
Hines Real Estate Investment Trust has sold the Williams Tower in Houston to a fund managed by Invesco Real Estate.
The property was acquired by Hines REIT in 2008.
The 64-story, 1.4 million-square-foot tower is more than 95 per cent leased to tenants including Williams, Hines, Rowan Companies, Quanta Services and Cadence Bancorp. It serves as Hines' corporate headquarters. Hines has managed the property for three decades and will continue to do so.
"Williams Tower is a world-class building that has been one of Hines REIT's most significant investments. It is also a very important property to Hines as a firm and to the city of Houston. This has been a great investment that delivered strong cash flows and a positive return to Hines REIT," says Charles Hazen, president and chief executive of Hines REIT.
Originally developed by Hines in 1983, the tower was the tallest skyscraper in the world outside of a CBD when it was built. Designed by architects Philip Johnson and John Burgee, the tower's familiar silhouette on the Houston sky recalls the art deco style. Clad in silver grey reflective glass and anodized aluminium, the sleek tower is accented by columns of bay windows of non-reflective glass and podium setbacks on two lower floors and four higher levels.
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