HOUSTON – (Realty News Report) – Hines Global Income Trust acquired the new 200 Park Place office building, a 15-story office tower that houses the Houston headquarters of the JLL real estate firm. The price was $145 million.
The high-end building, which is 100 percent leased, is located at 4200 Westheimer Road between two upscale retail enclaves, Highland Village and the River Oaks District mixed-use project.
“Houston’s River Oaks District is a centrally located submarket that is continuing to see interest from those looking to work and play in an engaging, upscale neighborhood,” said John Mooz, senior managing director at Hines. “200 Park Place’s modern design and walkable amenities differentiate it from other office and retail opportunities along Westheimer Road, making it a strategic location for investment in this key submarket.”
JLL represented the building’s developer, Texas-based Stonelake Capital Partners, in the sale of the 207,000-SF tower, which was completed in April 2022.
“Today was an exciting day,” said Stonelake Principal William Peeples on social media. “We successfully exited our development of 200 Park Place in Houston. Very proud to have received the stamp of approval from Hines, especially with this being in their backyard.”
Hines, a global real estate firm with a presence in 285 cities, was founded in Houston in 1957 by the late Mr. Gerald D. Hines.
In December of 2020, JLL announced it was moving its offices and leasing 82,000 SF in the 200 Park Place building for its headquarters.
JLL Name On Top
“Stonelake and their team delivered a beautiful building that provides JLL a modern workplace while also achieving a timeless design. 200 Park Place is a building we are proud to have our name on top of,” JLL President Dan Bellow said when the lease was signed.
The building is fully leased with tenants including Buckeye Partners, Compass Real Estate, Veritas Title Partners and Charles Schwab. The landlord’s office space leasing efforts were led Colvill Office Properties and later Cushman & Wakefield. CBRE leased ground-floor retail. The JLL lease was direct with Stonelake.
Located “Inside The Loop,” the site is near the railroad tracks that run along the border between West University Place and Bellaire and continue northward through Memorial Park.
Designed by Beck Architecture, 200 Park Place is located at the intersection of Westheimer and Mid Lane, a north-south street.
The building is WELL and LEED certified and is fully electric, exceeding current local codes relative to sustainability and performance requirements.
“As high-profile companies continue to look to Houston for best-in-class, well-amenitized buildings, and Houston continues to lead the U.S. on return-to-office rates, our acquisition of 200 Park Place allows us to strategically capitalize on these trends and the ongoing evolution of commercial real estate,” said Janice Walker, chief operating officer of Hines Global Income Trust. “200 Park Place is a high-quality asset with an environmentally sustainable approach making it an attractive addition to the portfolio especially when factoring in its basis which is below current replacement cost. We are focused on continued diversification of the portfolio with institutional-quality, next-generation assets in dynamic locations, because tenants are eager for this kind of product.”
July 25, 2022 Realty News Report Copyright 2022
File: Hines Acquires Tower in Upscale Retail District
Image: Courtesy JLL, Stonelake Capital
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File: Hines Acquires Tower in Upscale Retail District. Highland Village. River Oaks. Midland. Hines Global Income Trust