Hines and an affiliate of Cerberus Capital Management, L.P. have acquired 600 Travis Street (formerly JPMorgan Chase Tower) and 601 Travis Street (formerly JPMorgan Chase Center), the iconic office buildings in downtown Houston.
The purchase price was not disclosed. According to some media reports, the partnership paid $627 million for both buildings.
”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,” said in a press release.
”Our goal is to enhance 600 Travis’ position as one of the top office buildings in the southwest,” said John Mooz, Hines Senior Managing Director.
”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” he added.
”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” commented Tom Wagner, Head of North American Real Estate and Senior Managing Director of Cerberus.
600 Travis Street was originally developed for Texas Commerce Bancshares and is the tallest building in Texas at 75 stories. The five-sided, polished gray granite structure contains more than 1.7 million square feet and includes 22,237 square feet of retail space.
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.