Hines Global Income Trust Buys Houston Office Tower for $145 Million
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 200 Park Place in Houston for $145 million.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased 200 Park Place, a 206,000-square-foot, 15-story Class AA office building located in the River Oaks District submarket of Houston, for $145 million.
Located at 400 Westheimer Road, 200 Park Place is part of a mixed-use community within Houston’s Inner Loop and is surrounded by retail establishments, restaurants and green space. Completed in April 2020, the fully leased property, anchored by JLL and Buckeye Partners, has a diversified rent roll with finance, insurance, real estate, midstream energy and renewables tenants.
Amenities include a building concierge, a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace, 24/7 security, and a sushi restaurant on the ground level. Hines noted that “the building is WELL and LEED certified and is fully electric, exceeding current local codes relative to sustainability and performance requirements.”
“As high-profile companies continue to look to Houston for best-in-class, well-amenitized buildings, and Houston continues to lead the U.S. on return-to-office rates, our acquisition of 200 Park Place allows us to strategically capitalize on these trends and the ongoing evolution of commercial real estate,” said Janice Walker, chief operating officer of Hines Global Income Trust. “200 Park Place is a high-quality asset with an environmentally sustainable approach making it an attractive addition to the portfolio especially when factoring in its basis which is below current replacement cost…”
Hines Global’s $3.4 billion portfolio is roughly two-thirds weighted toward the industrial and living sectors.
Hines Global Income Trust commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.
From inception in August 2014 through June 15, 2022, Hines Global Income Trust raised approximately $2.3 billion in investor equity in its three public offerings and distribution reinvestment plan. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $1.07 billion as of July 15, 2022.
