Jones Lang LaSalle’s capital markets group secured $185.4 million in permanent financing on behalf of Invesco Real Estate for the acquisition of Williams Tower, a 1.4-million-sq.-ft. class-A office tower in Houston’s Galleria area. Invesco purchased the building from Hines REIT in early March.
Prudential Mortgage Capital Co. provided funding the acquisition.
The 64-story tower was designed by Philip Johnson and John Burgee and completed in 1982. The building features a glass and aluminum façade with bay windows, an 88-foot-high granite arched entryway, a helicopter landing pad, sky bridge access to the Galleria shopping center and a 12-story parking garage. It received the Urban Land Institute’s Development of Distinction Award in 2010 and achieved LEED Gold certification in 2009.
Williams Tower is currently 95 percent occupied. Tenants include Ecopetrol America Inc., Hines Real Estate Investments, Knoll Inc., NetiraOne, Rowan Cos., Smith Barney, Trammel Crow Co., Wells Fargo and Williams Corp.
Jones Lang LaSalle’s Mike Melody and Paul House arranged the financing for the transaction. Tom Melody, Michael Zietsman and Dan Bellow also represented Hines REIT in the building’s sale.
“This was a very significant financing transaction that generated substantial interest from the top-tier institutional lending community,” said Mike Melody in a statement. “Williams Tower is not only one of the most recognizable buildings in Houston, it is also an asset that has outperformed the market over the past five years, proving to be a very solid investment. We are confident Williams Tower will continue to deliver good returns for Invesco and perform favorably in the future given its high quality and position in the marketplace.”