Houston’s Newest Skyscraper Hits 80 Percent Occupancy

HOUSTON – (Realty News Report) – The 47-story Texas Tower, an office building that opened about two years ago in downtown Houston, has reached 80 percent occupancy as the global Clifford Chance law firm leased 64,000 SF and Morgan Stanley Wealth Management has leased 37,600 SF.

The 1 million-SF building was developed by Hines and Ivanhoé Cambridge on Texas Avenue on a block across the street from the historic Rice Hotel building.

A Grand Slam of Platinum Ratings

The Texas Tower is highly ranked in sustainability, health, technology and connectivity achievements and certifications (such as LEED, WELL, SmartScore, and WiredScore.) The building’s rankings can help the Texas Tower tenants to pursue their ESG targets, said John Mooz, senior managing director at Hines.

The skyscraper is one of the only a handful of office buildings in the country to achieve a Platinum Level score with all four Platinum LEED, WELL, SmartScore and WiredScore designations.

The building houses the global headquarters of Hines. Legal tenants include Vinson & Elkins, McGuireWoods and the DLA Piper law firms. Other tenants include Cheniere Energy, Chicago Title, Charter Title Company, and Novak Druce.

Clifford Chance was represented by Chad Beck of Cushman & Wakefield in lease negotiations and Morgan Stanley was represented by John Burke  with Jones Lang LaSalle. Michael Anderson of Cushman & Wakefield represented the building’s developers Hines and Ivanhoé Cambridge.

The Texas Tower, 845 Texas Avenue, was built on the block that housed the former Houston Chronicle.

Designed by Pelli Clarke Pelli, The office tower is placed diagonally on the full-block site resulting in longer, more interesting view angles.

Catty-cornered from the Texas Tower, Hines recently completed Brava, a 46-story residential tower on the site of the old Chronicle parking garage.

Hines is the dominant force in this part of downtown, where it has developed two residential towers and a number of landmark office towers, including the transformative Pennzoil Place. Completed in 1975, Pennzoil Place consists of two 36-story trapezoidal towers of dark bronze-tinted was named the Building of the Decade by famed New York Times architecture critic Ada Louise Huxtable.

The Texas Tower, the newest office tower in downtown, is bounded by Milam, Prairie and Travis streets – at the confluence of the Central Business District, the Theatre District and the Historic District. The area has been enhanced with the recent completion of Lynn Wyatt Square, a new park at Louisiana Street and Texas Avenue, across from Jones Hall where the Houston Symphony performs.

Rising above the whole area is the 75-story JP Morgan Chase Tower, the tallest building in Texas.

With this new Texas Tower, Hines also included space for The Square, a flex-space office facility that enables firms to quickly add or subtract work space. Similar to today’s co-working spaces, the Square offers access to amenities for small firms.

“As workplace needs keep evolving, flexibility becomes paramount,” said Charlie Musgrave, Vice President of U.S. Office and Life Science Leasing at Ivanhoé Cambridge. “The curated and inspirational environments enjoyed by our tenant customers at Texas Tower highlight a shared dedication to the future of work—reducing barriers posed by traditional office and providing our tenants with the ability to scale via the combination of activated common areas, furnished spec suites and our flex offering with Hines, The Square.”

Nov. 24, 2023 Realty News Report Copyright 2023

:Image – Hines


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