The Houston office of Hines, an international real estate firm, has acquired the 910 Travis building in downtown Houston on behalf of National Office Partners Limited Partnership (NOP), the firm’s joint venture with the California Public Employees’ Retirement System (CalPERS).
The value of the transaction was not disclosed.
The 735,000-square-foot office building is located on the block bounded by Travis, McKinney, Walker and Milam, in the heart of the CBD and the city’s extensive tunnel system. Connecting the various quadrants of downtown, the primary tunnels of the network intersect below 910 Travis and feature retail and restaurant amenities. The 25-story tower was designed by noted Houston architect H. Kenneth Franzheim and underwent significant renovations in the early 1990s.
At the time of sale, the building was 91 percent leased by tenants including: the U.S. District Attorney’s Office; the law firm of Winstead Sechrest; Bank One (now Chase); and Transworld Oil. It is also home to the famous Coronado Club, one of Houston’s oldest private social clubs.
This transaction represents NOP’s 18th major acquisition since its inception in July 1998. The CalPERS/Hines partnership sold 15 properties during 2004 with an aggregate value of approximately $2.5 billion. The acquisition of 910 Travis will bring the total number of office properties in the NOP portfolio to nine, with a total value in excess of $1 billion.
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