Hines Sells Iconic Williams Tower to Invesco for $412M
By Georgiana Mihaila, Associate Editor
The previously reported sale of Hines’ 1.4 million-square-foot Williams Tower to Invesco Real Estate came through this week, with the new owner paying $412 million for the trophy tower, according to Reuters.
Developed by Hines in 1983, Williams Tower returned to its original owner in 2008, when current seller Hines Real Estate Investment Trust Inc. bought the building from Fosterlane Holdings of Atlanta for $271.5 million. Hines put the tower back on the market in August 2012, when the company hired Jones Lang LaSalle Inc.’s Houston office to find a buyer.
“Williams Tower is a world-class building that has been one of Hines REIT’s most significant investments. It is also a very important property to Hines as a firm and to the city of Houston. This has been a great investment that delivered strong cash flows and a positive return to Hines REIT,” said Charles Hazen, president & CEO of Hines REIT.
When completed in 1983, the iconic 909-foot Williams Tower held the title of “the tallest skyscraper in the world outside of a Central Business District”; although the title was lost, the 64-story tower is still one the tallest buildings in the world outside of a CBD. Designed by renowned architects Philip Johnson and John Burgee, it was created in the art deco style. Clad in silver gray reflective glass and anodized aluminum, the sleek tower is accented by columns of bay windows made of non-reflective glass and podium setbacks on two lower floors and four higher levels. A 7,000-watt, revolving beacon on its roof can be seen for miles around, creating a virtual urban lighthouse. The tower is connected by skywalk to the world-famous Galleria, Houston’s popular shopping and tourist destination.
Williams Tower is currently more than 95 percent leased to tenants including Williams, Hines, Rowan Cos., Quanta Services and Cadence Bancorp. It also serves as Hines’ corporate headquarters. Hines has managed the property for three decades and will continue to do so under the new ownership.
Image: Williams Tower via Wikimedia Commons