Hines and Cerberus Acquire 2.1 Million-Square-Foot Complex in Houston

(HOUSTON) – Hines, the international real estate firm, and an affiliate of Cerberus Capital Management, L.P. (Cerberus), a global leader in alternative investing, have officially closed on 600 Travis Street (formerly JPMorgan Chase Tower) and the adjacent 601 Travis Street (formerly JPMorgan Chase Center), totaling 2.1 million square feet of office and retail space in downtown Houston.

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. These upgrades, designed by HOK, will modernize the building’s offerings and ensure a tenant experience commensurate with its status as an icon of Houston’s skyline. In collaboration with the burgeoning North District, this capital program will emphasize 600 & 601 Travis’ place at the center of downtown Houston’s most dynamic confluence of office, living, and cultural offerings.

Hines Senior Managing Director John Mooz said, “Our goal is to enhance 600 Travis’ position as one of the top office buildings in the southwest. 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.”

Tom Wagner, Head of North American Real Estate and Senior Managing Director of Cerberus, commented, “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.”

Hines developed and manages both buildings, which were designed by New York-based I.M. Pei & Partners. 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 focal point of the plaza—the largest Joan Miró sculpture ever commissioned, entitled "Personage and Birds”—will remain onsite.

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.

About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with over $40 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.

About Hines
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 219 cities in 23 countries and $124.3 billion of assets under management—including $63.8 billion for which Hines provides fiduciary investment management services and $60.5 billion for which Hines provides third-party property-level services. Hines has 148 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 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.