Hines Global Pays $145M for Houston Tower
July 27, 2022 | Olivia Bunescu | Commercial Property Executive
JLL and Buckeye Partners anchor the office property.
In a $145 million deal, Hines Global Income Trust, a division of Hines, has acquired 200 Park Place, a 206,000-square-foot office property in Houston. Stonelake Capital Partners developed and sold the building, CommercialEdge data shows. Cushman & Wakefield will handle the property’s leasing activities.
Completed in 2020, the WELL-certified and LEED-certified development spans 1.3 acres and comprises a 15-story building with seven levels of parking and floorplates ranging from 20,531 square feet to 27,249 square feet. Onsite amenities include a rooftop terrace, a conference center, a lounge, as well as 673 parking spaces. JLL and Buckeye Partners, among others, are the anchor tenants of the fully leased property.
Located at 4200 Westheimer Road, the property is within walking distance of numerous dining and retail options, including River Oaks District and Central Market, as well as several green areas. The office tower is also less than a mile from the Uptown District and Interstate 610.
As Houston is one of the nation’s leading markets for the return-to-office rates, the newest investment in a high-quality and environmentally sustainable asset allows Hines to capitalize on these trends, as the firm continues to diversify its portfolio, said COO Janice Walker in prepared remarks.
The acquisition is part of Hines’ $3.4 billion portfolio, mainly focused on industrial and multifamily assets. At the beginning of the year, HGIT purchased a four-property office portfolio, totaling 187,000 square feet in the Old Town/Point Loma submarket of San Diego.
