Tenants Consume Downtown Office Space

HOUSTON – (Realty News Report) – Hines and Cerberus Capital Management, global real estate firms, announced a total of 152,946 SF of lease expansions at JPMorgan Chase Tower, an iconic 75-floor, 1.65 million-SF office tower located at 600 Travis Street in downtown Houston. The building is currently 84 percent occupied.

The tenant expansions include:

  • JPMorgan Chase Bank – expanded to 315,430 SF from 255,886
  • KKR – expanded to 52,534 SF from 23,291 and was represented by Jon Lee, CBRE
  • Bradley Arant Boult Cummings, LLP – expanded to 45,125 SF from 22,082, extended the lease term, and was represented by Lesa Nickelson French, Savills
  • M6 Midstream – expanded to 34,673 SF from 22,575, extended the lease term, and was represented by Mark Russell, Newmark
  • B. Poindexter & Co – expanded to 26,484 SF from 15,892, extended the lease term. and was represented by David Bale, JLL
  • Proman USA – expanded to 22,008 SF from 13,673, extended the lease term and was represented by Bill Boyer, CBRE
John Mooz

“The large volume of expansions at JPMorgan Chase Tower are a testament to the success of the significant renovation investments made at the building and showcase that top-tier, well amenitized office properties continue to outperform,” said John Mooz, senior managing director at  Hines. “The improvements have further elevated an iconic Houston tower by implementing a highly curated environment appealing to today’s office consumer.”

JPMorgan Chase Tower, Texas’ tallest office tower, was designed by renowned architect I.M. Pei and completed about 40 years ago. A major renovation was completed about two years ago.

Renovation Produces Leasing Momentum

In 2021, an urban park and architectural entry designed by HOK ushered in abundant natural light into the lobby. The renovation included an expanded hospitality-inspired first floor lobby with gathering areas for both large and small groups. Its new, dramatic glass entry added 3,000 SF to the building’s original five story lobby. The tower’s pyramid of diamond glass panels pays homage to Pei’s pyramid entry added to the Louvre in Paris in 1989.

On the 60th floor of the JP Morgan Chase Tower, the iconic Sky Lobby on the 60th floor was reconfigured to offer more collaboration space for tenants with one-of-a-kind views of the city. The renovation also included the addition of a modern and multi-functional 10,000-SF conference center on the second floor with a dedicated concierge.

The 1,002-foot-tall tower is located on a block bounded by Texas, Milam, Travis and Capitol.

“JPMorgan Chase is committed to Houston and is proud to anchor JPMorgan Chase Tower, one of the most iconic buildings on our city’s skyline,” said Tyrus Brailey, a managing director and head of the bank’s local Market Leadership Team. “Our expanded presence in Chase Tower gives us a striking urban campus, which includes the city’s tallest tower and one of its most beautiful historic buildings – 712 Main Street.”

Cushman &  Wakefield handles leasing for the building’s owners.

“The high volatility of leasing we completed in 2022 into 2023 is a testament to JPMorgan Chase Tower and how the asset provides a distinct advantage as companies seek to welcome employees back to the office,” said Diana Bridger of Cushman & Wakefield.

Amenities include on-site restaurants and retail including Starbucks, Otto’s BBQ, Maggie Rita’s, Brown Bag Deli and Leaf & Grain (coming soon); spectacular city views from the 60th floor Sky Lobby; access to a 280-seat auditorium at 601 Travis; a 7,000-SF fitness center with locker rooms and showers; secured bike storage; VIP parking below JPMorgan Chase Tower; a 12-level tunnel-connected parking garage with destination elevators; EV charging stations in both the 600 Travis and 601 Travis parking garages.

“The incredible first-class amenities and outdoor spaces truly do provide an advantage over other downtown alternatives,” said Brad Beasley of Cushman & Wakefield.

The LEED Gold designated and Energy Star rated building is located in the heart of Downtown Houston, adjacent to the theater district. A noted outdoor fixture on the plaza – the largest Joan Miró sculpture ever commissioned, entitled “Personage and Birds” is a brightly colored a fixture on the building’s plaza.

Bridger, Beasley and Michael Anderson of Cushman & Wakefield represented Hines and Cerberus Capital Management, the landlord, in the lease negotiations.

Founded in Houston by Mr. Gerald D. Hines in 1957,  Hines is a global real estate investment, development and property manager that now operates in 30 countries. Hines manages nearly $96 billion in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Hines’ local teams serve 685 properties totaling nearly 216 million SF globally.

Hines has managed both JPMorgan Chase Tower and the adjacent 20-story 601 Travis Street for more than three decades.

Hines developed the 75-story building, which was named Texas Commerce Tower in the beginning.

After the building opened, Hines sold its interest in the building to Prime Asset Management, a firm led by the Lebanese Prime Minister Rafic Hariri. On Feb 14, 2005 Hariri was assassinated in a truck bomb attack in Beirut.

Hines and Cerberus Capital acquired the building in 2019 for a reported $627 million.

July 5, 2023 Realty News Report Copyright 2023

Image: Courtesy HOK


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