(HOUSTON) – Hines, the international real estate firm, and an affiliate of Cerberus Capital Management, L.P. (Cerberus), a global leader in alternative investing, announced today the renaming of 600 Travis Street in downtown Houston, which will now be known as JPMorgan Chase & Co. Tower after the new anchor tenant.
JPMorgan Chase signed the 250,000-square-foot lease in July which took the property to 90% leased. The deal also marked a homecoming of sorts for employees, as the building was named the JPMorgan Chase Tower until 2006.
“JPMorgan Chase has deep roots in Houston going back 155 years,” said Meredith Beaupre, managing director and market leader for the bank in Houston. “With nearly 6,000 local employees, we’re deeply committed to Houston. Moving back into the Tower will afford JPMorgan Chase the opportunity to create a striking urban campus including both the city’s tallest tower and one of its most beautiful historic buildings in the city – 712 Main located just across the street.”
Hines originally developed the tower in 1982 for Texas Commerce Bancshares, which would later become JPMorgan Chase & Co.
Designed by New York-based I.M. Pei & Partners, the five-sided, polished gray granite structure contains more than 1.7 million square feet and is the tallest building in Texas at 75 stories. Hines has managed both JPMorgan Chase Tower and the adjacent 20-story 601 Travis Street for more than three decades. Comprised of 407,896 square feet, 601 Travis features a 7,000-square-foot fitness center available to tenants of both buildings, a 280-seat auditorium and 12 floors of parking.
JPMorgan Chase will relocate its Houston Technology Center to the Tower from 1111 Fannin. The bank’s local Technology Center employs over 1,500 technologists.
“JPMorgan Chase’s local software engineers help the company realize the power of AI, machine learning and cloud computing. We build new applications and infrastructure to protect us and our clients, reduce risk and fraud and to upgrade our customer service,” said Forest Duke, head of the Houston Technology Center. “Developing cutting edge technology is important to Houston’s future and to the operations of our company.”
Hines and Cerberus reacquired both the 600 and 601 Travis Street buildings in 2019 and soon launched a major transformation project, including significant updates to the first and second floor lobbies, access to the tunnels and the exterior plaza. In addition to connected, collaborative workspaces and enhancements to other building common elements, the renovation plan for JPMorgan Chase Tower calls for the addition of a state-of-the-art conference center that can accommodate up to 150 people in various rooms over two floors, including the lobby level with a large, versatile gallery space. The comprehensive revitalization, designed by HOK, will welcome forward-thinking tenants for years to come.
Hines Senior Managing Director John Mooz said, “The renaming of 600 Travis Street is an exciting milestone in our partnership with JPMorgan Chase. As one of the most iconic buildings in Houston, we are proud to bring back a name that is key part of our city’s history. Now, we look forward to completing our best-in-class transformation project which will modernize the building’s offerings and ensure a tenant experience commensurate with its status in Houston’s skyline.”
As part of the renovation, the plaza area will be transformed into a vibrant urban garden featuring increased green space and more connections between the outdoors and the building. In a tribute to the building’s iconic history, the reimagined lobby will feature a new glass pyramid entry, inspired by the Louvre Museum in Paris – a nod to the tower’s original architect – that creates a spacious lobby with immense natural light and biophilic qualities as the outdoors are brought in. Building security systems will be upgraded and enhanced to reflect the more modern office environment.
As additional tenant amenities, there will be a new two floor conference center including a large, versatile gallery space on the first floor and a state-of-the-art conference center on the second floor which can accommodate up to 150 people in various rooms. With the addition of retail to the lobby, the plaza will also be activated by new food and beverage offerings for tenants and visitors. The plaza space will allow for outdoor meetings and meals, collaborative sessions with colleagues, and more secluded spaces for contemplative time. The largest Joan Miró sculpture ever commissioned, entitled "Personage and Birds” will remain onsite.
Finally, the former Sky Lobby on the 60th floor will be redesigned as an exclusive “Sky Lounge” for tenants to enjoy. With comfortable, elegant furnishings and seating vignettes, tenants will be welcome to use this space as a “third place” for meetings and collaboration. Renovations are currently underway with completion slated for September 2021.
For more information please visit: www.jpmctowerhouston.com.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services Firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.