HOUSTON – (Realty News Report) – Cushman & Wakefield has leased space in downtown Houston where it will open an office in Hines’ new 47-story Texas Tower.
Cushman & Wakefield will retain its office at Four Oaks Place in the Galleria area, where it has signed a 30,000-SF lease renewal.
Cushman & Wakefield, one of the largest commercial real estate services firms in the world with 50,000 employees in over 400 offices and 60 countries, said the new office will enable it with the benefits of establishing a presence in two major submarkets in Houston.
“In today’s competitive real estate world, it’s all about servicing our clients. Establishing a presence in two prominent submarkets in Houston provides greater accessibility of our service product lines to our valued clients,” said Clint Bawcom, Cushman & Wakefield’s Managing Principal in Houston. “In addition to the client-centric benefit, the two offices offer excellent flexibility to our employees, providing a multitude of amenities including conference/meeting facilities, health and wellness centers, access to outdoor greenspaces plus the workplace flexibility benefit.”
Cushman & Wakefield will occupy 6,500 SF on the 40th floor of Texas Tower.
The Texas Tower was recently constructed on the site of the former Houston Chronicle building, on a downtown block bounded by Texas, Milam, Travis and Prairie. In 2015, Realty News Report reported in an exclusive story that Hines was working to buy the Chronicle’s downtown property for more than $50 million.
The old, ink-stained newspaper building was demolished, clearing the way for Hines to develop Houston’s newest high-rise office tower – a 1 million-SF tower designed by Pelli Clarke Pelli, a notable architecture firm founded by Cesar Pelli.
Michael Anderson of Cushman & Wakefield has represented Hines in leasing the Texas Tower, which opened late in 2021 and has achieved a significant amount of occupancy.
Hines itself recently moved its own headquarters into the new tower, relocating from the 64-story Williams Tower (formerly known as Transco Tower when it was developed by Hines decades ago adjacent to its mixed-use Galleria, a top retailing center). Hines, with its new 180,000 SF global headquarters space, joins Vinson and Elkins (200,000 SF), McGuireWoods and DLA Piper law firms in the Texas Tower, 845 Texas Avenue. Other Texas Tower tenants include Cheniere Energy, Chicago Title, Charter Title Company, Novak Druce and a trading company.
“Leasing velocity remains strong as Texas Tower continues to attract industry-leading companies seeking a distinct destination for their employees to collaborate and build community,” said Hines senior managing director John Mooz. “Houston is a key city leading the return to office in the US, and we are proud to provide the curated, dynamic and amenity-rich environment tenants continue to want and need for their employees and business to thrive.”
Hines’ Texas Tower is benefitting from the so-called “flight to quality” – a trend that indicated newer buildings with a modern array of amenities, accoutrements and design elements are outpacing older buildings. With the work-from-home business practices that emerged during Covid, some employers are seeking better office space in order to lure employees to return to a five-days-in-the-office work week.
In response to the leasing demand for move-in-ready, top-tier office space, plans are underway to build out an additional 40,000 SF of spec suites at Texas Tower. Designed by Gensler, these fully furnished offices provide a turnkey solution for companies seeking magnetic, collaborative office environments. The new inventory of move-in-ready office suites will range in size from 4,600 to 12,000 SF and are slated for completion in the second quarter of 2023.
“Texas Tower offers everything an office worker needs – driving our tenants’ advantage. With connected and configurable spaces across the lobby, the terraces, and other spaces in the building, tenants can offer their employees countless opportunities for constructive collisions and places to work,” said Charlie Musgrave, Vice President, Office Leasing at Ivanhoé Cambridge, which is Hines’ partner in the Texas Tower.
Hines also announced Tuesday that Sixth Street Partners, a global investment firm with $60 billion in assets under management, has leased 5,800 SF on the 29th floor of Texas Tower.
Sixth Street Partners was represented by Joe Rambin with Moody Rambin and Chad Beck with Cushman & Wakefield. Michael Anderson with Cushman & Wakefield represented Hines and Ivanhoé Cambridge.
Hines, which was founded in Houston in 1957 by Mr. Gerald D. Hines, operates in 28 countries. The firm manages a $92.3 billion portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use properties.
Hines has developed hundreds of towers around the world, many of them in downtown Houston, including the new, 46-story Brava apartments, which Hines built on the site of the former Houston Chronicle parking garage.
Dec. 13, 2022 Realty News Report Copyright 2022.
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File: Realty Giant Opening Downtown
File: Hines, Texas Tower. Cushman & Wakefield Realty Giant Opening Downtown