(HOUSTON) – Hines, the property and leasing manager for Phoenix Tower in Houston, on behalf of building owner FSP Phoenix Tower Limited Partnership (FSPLP), announced today that New York Life has signed a long-term lease for 33,394 square feet.
Phoenix Tower is a recently renovated, 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway.
With the signing of this lease, the building is now 82 percent leased.
The insurance company was represented in lease negotiations by Chip Horne of Cushman & Wakefield.
Tyler Garrett and Paula Bruns of Hines represented FSPLP.
New York Life is the largest mutual life insurance company in the United States, with more than $325 billion in assets under management.
All of the equity interests in FSPLP are owned, directly and indirectly, by FSP Phoenix Tower Corp. (“Phoenix Tower Corp.”), a corporation sponsored by Franklin Street Properties Corp. (“FSP”) (NYSE Amex: FSP).
Phoenix Tower Corp. is a Delaware corporation formed to purchase, own, operate, improve and reposition Phoenix Tower in the marketplace.
Phoenix Tower Corp. is a public reporting company and all of its filings with the United States Securities and Exchange Commission are available at www.sec.gov.
Phoenix Tower is not owned by FSP.
FSP and its affiliates own and operate approximately 1.5 million square feet of Class A office space in greater Houston, including The Offices at Park 10, Energy Tower I, and Eldridge Green (CITGO’s corporate headquarters).
FSP, based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties.
The majority of FSP’s property portfolio is suburban office buildings, with select investments in certain central business district properties.
FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes.
To learn more about FSP please visit its website at www.franklinstreetproperties.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.