**Hines Acquires Montrose Collective in Record-Breaking Houston Deal**
Hines Global Income Trust has acquired the Montrose Collective, a 189,000-square-foot mixed-use high-rise located at 888 Westheimer Road in Houston. The property was sold by developer Radom Capital, which partnered with JP Morgan to deliver the project. Ground was broken in February 2020, and the development was completed in 2022. Currently, the building is 100% leased.
The reported purchase price was $137.6 million, equating to approximately $727 per square foot—a figure noted as a record high for Houston, according to published accounts. As a public company, Hines is required by the U.S. Securities and Exchange Commission to disclose significant financial transactions.
Montrose Collective comprises approximately 100,000 square feet of office space, 50,000 square feet of retail, and 10,000 square feet dedicated to library use. The project includes a series of interconnected buildings that contribute to the vibrancy of the Montrose neighborhood.
In related news, Radom Capital recently broke ground on its first ground-up multifamily development, Clock Tower Residences, which will serve as the residential component of the company’s Heights Clock Tower adaptive reuse project.
