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Cerberus Capital and Hines Buy the Tallest Building in Texas

6/24/19

Cerberus Capital and Hines have teamed up to purchase JPMorgan Chase Tower, a 75-story, 1.6 msf skyscraper in Houston and the tallest building in Texas, in a deal said to be worth over $625 mil. The acquisition includes Chase Center, an adjacent, 407k sf property.

Built in 1981, the Class A tower is located at 600 Travis St, in Houstonís downtown. It was sold by Hairri Interests, who bought the asset in 1985 in a partnership with Hines and later acquired full ownership.

The LEED Gold high-rise was previously known as Texas Commerce Center. The five-sided office tower is clad in pale gray polished granite. Current tenants include Merrill Lynch, KeyBank, Buzbee Law and Willkie Farr & Gallagher, KeyBank and the Buzbee Law Firm.

The development includes a 15k sf granite-paved pedestrian plaza at the entrance, a private sky lobby on the 60th floor, 22.2k sf of retail space, a fitness center and 1,657 parking spaces. The focal point of the plaza is a monumental sculpture by Joan Mirů entitled "Personage and Birds." The sculpture is the largest Mirů sculpture ever commissioned.





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