Invesco Real Estate has agreed to purchase one of the tallest office buildings in Houston from one of the properties’ residents. The Atlanta-based investment firm has acquired the Williams Tower, a 1.5 million-square-foot office tower in Houston, from Hines. Data provider Real Capital Analytics lists the sale price at $420 million.
Originally built in 1983, Williams Tower is 97 percent occupied. In addition to serving as Hines’ headquarters, the property’s other tenants include Wachovia, Citigroup, the Williams Companies and Rowan Companies.
The 64-story building, located at 2800 Post Oak Boulevard, is the third tallest skyscraper in Houston and the fourth tallest in all of Texas. Additional features include an adjacent three-acre park with water wall, helipad and a skywalk that connects the tower to the Galleria Mall, a nearby mixed-use shopping centre developed by Hines.
In 2008, Hines REIT assumed ownership of the property for approximately $300 million. A spokeswoman for Hines declined to comment beyond confirming that the Williams Tower was in fact for sale. Representatives from Invesco declined to comment.