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Williams Tower sale closes
Invesco Real Estate has added a trophy Houston building to its portfolio with the acquisition of Williams Tower by The Galleria.
As previously reported, an Invesco fund has purchased the 64-story Williams Tower at 2800 Post Oak Blvd. from Hines Real Estate Investment Trust. Hines announced the sale today.
UPDATE: The sales price of $412 million is among the biggest transactions in Houston in recent years, according to Real Capital Analytics.
Hines purchased the property in May 2008 for $271.5 million, according to a filing with the U.S. Securities and Exchange Commission.
The iconic building designed by Philip Johnson and John Burgee is home to Williams, Rowan Cos., Quanta Services, Cadence Bancorp and other tenants. When developed in 1983, it was the tallest skyscraper in the world outside of a downtown area. The building rises 909 feet and contains 1.4 million square feet.
It serves as global headquarters for Houston-based Hines, which will continue to manage the property. The building is more than 95 percent leased.
The property drew interest from investors around the world, according to Jones Lang LaSalle, which marketed the building. Offers came from the Middle East, Asia and Europe.
A team from Jones Lang LaSalle, including Michael Zietsman, Tom Melody and Dan Bellow, led the sales effort.