### Texas Tower Owners Secure $450 Million Refinancing
Hines and Ivanhoe Cambridge have secured a $450 million refinancing for Texas Tower, a 47-story office high-rise located at 845 Texas Avenue in Houston.
Completed in 2021, the 1.2 million-square-foot tower is currently 95% leased. Over the past year, more than 500,000 square feet of leasing activity has taken place, with rental rates among the highest in Houston. Notable tenants include Vinson & Elkins, Morgan Stanley, Cheniere Energy, Inc., and Clifford Chance. Additionally, Texas Tower serves as the global headquarters for Hines.
The refinancing package was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis, and Tim Polglase on behalf of the owners. Wells Fargo and Morgan Stanley provided the funding.
“This refinancing for the award-winning property was particularly notable, as it marked the first time in two years that a multi-tenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market,” said Firestone. “The AAA-rated bonds were nearly five times oversubscribed, while lower tranches saw demand outstrip supply by as much as 20 times.”
