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

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.

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Gustav Mahlerplein 28
Amsterdam, NH 1082 MA
Netherlands
31 6 30 70 81 29

Nordic Countries

Forbindelsesvej 4
Copenhagen 2100
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900