(HOUSTON) – Hines and Ivanhoé Cambridge today announced that international law firm McGuireWoods has signed an 11-year lease for 30,000 square feet at Texas Tower, the new 47-story, one-million-square-foot office tower under development in downtown Houston. The law firm will relocate to the building in June 2022 and will occupy the 24th floor.
Hines Senior Managing Director John Mooz said, “As we welcome our tenants back to the office, we continue to listen to their post-pandemic needs. Experiential, fit-for-purpose real estate is in demand more than ever as tenants look to cultivate collaboration, culture, and brand. We believe this demand for experiential real estate is exemplified by McGuireWoods signing the first new full-floor lease since the start of the year in the Houston Central Business District. We are pleased to welcome the firm to Texas Tower.”
“Texas Tower reimagines the office worker experience, bringing together people, technology, and wellness-rich amenities in an environment that answers and anticipates evolving tenant needs. This leasing milestone in the Houston market is a testimony of that,” said Jonathan Pearce, EVP, Leasing and Development, Office and Industrial, North America at Ivanhoé Cambridge. “We are thrilled to welcome McGuireWoods, as they recognize the edge our futureproofed office experience will provide their company and top-tier talent.”
Yasser Madriz, Managing Partner of McGuireWoods’ Houston office, said, “Texas Tower offers a highly desirable location befitting our firm’s global stature and expanding footprint in Texas. This beautiful new building will accommodate our continued growth and enhance our ability to deliver innovative, business-focused solutions to our clients.”
Arriving in Q4 of this year, the Class AA office building will be a revolutionary office development that will redefine space in the heart of Downtown Houston. Designed by Pelli Clarke Pelli, Texas Tower will be built to meet the highest standards for LEED® Platinum, WiredScore and WELL Building StandardsTM.
McGuireWoods was represented in lease negotiations by Bob Parsley, Darren Gowell and Taylor Wright with Colliers. Michael Anderson with Cushman & Wakefield represented Hines and Ivanhoé Cambridge, the building developers and owners. With the signing of this lease, Texas Tower now stands at 42% leased. Hines has also leased approximately 180,000 square feet for its new global headquarters.
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint. Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60.4 billion in real estate assets as of December 31, 2020 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information: www.ivanhoecambridge.com.
About McGuireWoods
McGuireWoods LLP is a leading international law firm with 1,100 lawyers in 21 offices worldwide, including Houston, Dallas and Austin. It continuously ranks among the top firms in Financial Times’ prestigious North America Innovative Lawyers report. It also has been recognized 15 times on BTI Consulting’s Client Service A-Team list of elite firms singled out for client service excellence based on unprompted feedback from clients in major companies. The firm’s full-service public affairs arm, McGuireWoods Consulting LLC, offers infrastructure and economic development, strategic communications and grassroots advocacy, and government relations solutions. For more information, visit www.mcguirewoods.com.
