Two Downtown Houston Skyscrapers to be Sold for US$627 Million

JPMorgan Chase Tower is one of two buildings set to be sold to a Hines-Cerberus consortium.

26 June 2019 | Houston, United States

The downtown Houston skyscraper commonly called JPMorgan Chase Tower, located at 600 Travis St., and the adjacent Chase Center building are reportedly being sold in a deal that could be worth US$627 million. JPMorgan Chase Tower was completed in 1982 for Texas Commerce Bancshares and is reportedly the tallest building in Texas, standing at 75 stories and 305 meters.

Industry publication Real Estate Alert reports that New York-based private equity firm Cerberus Capital Management LP and Houston-based real estate firm Hines have agreed to buy the 2.1 million-square-foot (195,096 square-meter) complex. Cerberus reportedly would own a 90 percent stake, with Hines owning the other 10 percent.

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JPMorgan Chase Tower

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“Cerberus reportedly would own a 90 percent stake, with Hines owning the other 10 percent.”

If the deal closes at that value, it would be Houston’s second-largest office building sale ever in terms of total dollar value, behind Toronto, Canada-based Brookfield Asset Management’s purchase of the 4.2 million-square-foot (390,192 square-meter) Houston Center complex in December 2017, per Real Estate Alert. That deal was worth US$855 million, according to the report.

A Hines spokesman declined to comment on the Real Estate Alert report.

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