Hines and Cerberus acquires 2.1m sqft complex in Houston
Hines and an affiliate of Cerberus Capital Management have officially closed on 600 Travis Street (formerly JPMorgan Chase Tower), totaling 2.1 million square feet of office and retail space in downtown Houston.
John Mooz, Hines senior managing director, said, “Our goal is to enhance 600 Travis’ position as one of the top office buildings in the Southwest. With significantly more activated common space and opportunities, the repositioning will promote greater tenant attraction and retention and will be a testament to Hines’ unmatched ability to maintain an asset’s architectural heritage while fostering a contemporary image for the modern workplace.”
600 Travis Street will undergo significant capital improvements, including major updates to the lobby and exterior plaza area, as well as the addition of connected, collaborative workspaces and enhancements to other building common elements, and the addition of a thoughtfully designed conference center.
“We’re excited to be partnering with Hines on the acquisition of these iconic Houston buildings. 600 & 601 Travis are institutional assets that strategically sit in downtown Houston’s thriving North District, which boasts a mix of office, living and cultural offerings. We look forward to leveraging our firms’ combined operating and asset management expertise to upgrade and modernize 600 Travis to meet the contemporary needs of tenants in this dynamic market,” said Tom Wagner, head of North American real estate and senior managing director of Cerberus.
The 20-story 601 Travis Street contains 407,896 square feet and was recently renovated to include a new lobby design by Ken Harry and the lobby’s focal point, an illuminated glass wall designed by Paul Housberg. The building also features a 7,000-square-foot fitness center available to tenants of both buildings, a 280-seat auditorium and 12 floors of parking.
