– Class AA LEED Platinum Office Building in Houston –
Houston, TX – January 31, 2012 – (RealEstateRama) — CBRE has arranged $250.0M in debt financing for the acquisition of Hess Tower, a 844,736-square-foot, Class AA trophy office asset in the Houston CBD. CBRE Capital Markets Senior Vice President Michael Strober worked on behalf of the borrower, H&R REIT to secure the eight-year, fixed-rate loan at 4.5% per annum through Pacific Life Insurance Company. Strober, based in Tampa, FL, was joined in representing H&R REIT by Bernard Branca and Greg Greene of CBRE Capital Markets in Houston and Dallas, respectively.
H&R REIT completed the purchase December 22, 2011 and the financing closed January 23, 2012.
Completed in June 2011, the 29-story, 844,763-square-foot Class AA office tower is downtown Houston’s newest landmark and the Central Business District’s newest LEED® Certified Platinum for Core & Shell property. The asset is fully leased through June 2026 to Hess Corporation (NYSE: HES, S&P: BBB/Stable), a global integrated energy firm. Situated at the heart of downtown Houston’s Entertainment District, the property is positioned at the epicenter of a sophisticated and vibrant, pedestrian-oriented urban neighborhood. With an irreplaceable location overlooking the extraordinary Discovery Green, Hess Tower is within walking distance of an unrivalled concentration of upscale restaurants and retail, first-class hotels and world-class sports and entertainment destinations.
H&R REIT is a Toronto Stock Exchange listed, open-ended Real Estate Investment Trust. The REIT holds interests in 39 office properties, 117 industrial properties, and 133 retail properties comprising over 43 million square feet.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.