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W.P. Carey Group Sells Downtown Houston Tower

HOUSTON – The 500 Jefferson building, developed as part of the Cullen Center complex in downtown Houston, has been purchased by Jefferson Smith LLC.

The seller was Corporate Property Associates 17 – Global, an affiliate of the W.P. Carey investment firm based in New York.

The 22-story, 390,000-SF office building, completed in 1962, was renamed last year, although a KBR sign remains attached to the building.

About three years ago, W.P. Carey purchased the building from Brookfield Asset Management. The late Richard Rudd represented Brookfield in that sale, one his last transactions before he passed away in 2014.

Located at the corner of Smith and Jefferson, the building is part of the Cullen Center office complex that was developed by the family of Hugh Roy Cullen in the late 1950s and early 1960s. The property is connected by skybridge over Smith Street and by tunnel to surrounding buildings and the Whitehall Hotel.

KBR has been downsizing and offering a lot of sublease space in the 500 Jefferson and the KBR building at 601 Jefferson. The buildings were recently rebranded at the Jefferson Towers.

April 3, 2017 Realty News Report Copyright 2017

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