Invesco Real Estate is amidst purchasing a trophy office tower in Houston on behalf of the National Pension Service (NPS) of Korea. According to data from Real Capital Analytics, the Atlanta-based real estate investment manager is buying BG Group Place, located at 811 Main Street in downtown Houston, for $480 million.
Invesco is buying the 973,000-square-foot office property from a joint venture between Houston-based investment firm Hines and the California Public Employees’ Retirement System. The 46-story property, which was built in 2011, currently is 92 percent occupied by tenants that include UK-based gas and oil company BG Group (for whom the property is named), tax advisory firm KPMG and law firm Baker Hostetler. Eastdil Secured is representing the sellers in the transaction.
This deal follows Invesco’s purchase of another similar Houston office tower, also from Hines. In January, the firm closed on the acquisition of the Williams Tower, a 1.5 million-square-foot office located at 2800 Post Oak Boulevard, for $412 million. That 64-story building, which serves as Hines’ headquarters, is the third tallest skyscraper in Houston and the fourth tallest in all of Texas.