Invesco Real Estate has secured $185.4 million in permanent financing for the purchase of Williams Tower in Houston's Galleria region, a 1.4 million square-foot Class A office tower. Jones Lang LaSalle arranged the financing on behalf of Invesco through Prudential Mortgage Capital Company. Invesco purchased the 64-story office tower from Hines REIT early last month, with Jones Lang LaSalle's Tom Melody with Managing Directors Michael Zietsman and Dan Bellow representing Hines in the sale.
"This was a very significant financing transaction that generated substantial interest from the top-tier institutional lending community," said Melody. "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."
According to a Houston Chronicle report, the building is 95% occupied. Major tenants include Ecopetrol America, Hines Real Estate Investments, Knoll, NextiraOne, Rowan Cos., Smith Barney, Trammell Crow Co., Wells Fargo and Williams Corp.
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