(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 execution of a new lease with a global financial services firm at 600 Travis Street in downtown Houston.
Hines and Cerberus acquired 600 Travis Street and the adjacent 601 Travis Street last year. The 75-story tower will undergo major improvements including significant updates to the lobby and exterior plaza; the addition of connected, collaborative workspaces and enhancements to other building common elements; and 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 planned changes to the building’s ground-floor plane will be some of the most transformative in our firm’s history. For several years, our team has contemplated the unique untapped potential of the building’s large plaza area. The renovation takes strong advantage of that opportunity and that vision resonated with our new tenant.”
The currently underutilized plaza area will be transformed into a vibrant urban garden featuring a variety of seating areas to enjoy, featuring increased green space, an expanded canopy, and more connections from the outdoors to the building. With the addition of retail to the lobby, the plaza will also be activated by new food and beverage 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.
A new feature of the building will be the reimagined entrance and building processional. Paying homage to one of I.M. Pei’s most celebrated achievements, the five-story curtainwall will be transformed from its current chrome and glass grid into a dramatic new trapezoidal pyramid that will add almost 3,000 square feet to the lobby. In additional to more square footage, the remodeled lobby will also enjoy immense natural sunlight and biophilic qualities as the outdoors are brought in. The newly designed pyramid entrance creates a spacious, hospitality-focused lobby for tenants with updated finishes and artistic light features. Building security systems will be upgraded and enhanced to reflect the more modern office environment.
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.
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. The 20-story 601 Travis Street contains 407,896 square feet and was also recently renovated. 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.
Michael Anderson, Diana Bridger, and Margaret Elkins of Cushman & Wakefield as well as Chanse McLeod with Hunton Andrews Kurth represented the landlord.
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, 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.