Tallest tower in Texas sells for $627m

Cerberus Capital, in partnership with Hines, has agreed to acquire the 600 Travis building, a 75-story office property known as the tallest tower in Texas, reported Real Estate Alert.

The sales price was approximately $627 million. The seller is Prime Asset Management, which is controlled by family of Rafic Hariri, the prime minister of Lebanon, who was assassinated in 2005.

Cerberus, a New York investment firm, is taking a 90 percent stake in the building and Hines will hold a 10 percent share.

The 600 Travis building, known as the JPMorgan Chase Tower, is located in Houston.

Houston’s office market is experiencing a shift in the market as flight to quality increased demand for new developments, according to Cushman & Wakefield. Occupiers are concerned with labor shortages, and the competitive environment in recruiting and retaining talent will continue to drive demand for new product. While new development in an oversaturated market cou