The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced
today that it arranged a $90 million refinancing for 5 Houston Center, a
580,175-square-foot, Class A office building in Houston’s
central business district.
HFF executive managing director Scott Galloway and managing director
Susan Hill worked exclusively on behalf of property owner Wells REIT II
to secure the fixed-rate loan through Principal Real Estate Investors.
“HFF was able to refinance an existing loan at
favorable terms giving the borrower additional flexibility,”
said Hill.
Completed in 2002, 5 Houston Center is a 27-story office tower with an
eight-level, 1,237-space attached parking garage. The property is 98%
leased to notable tenants including Ernst & Young, LLC, Halliburton and
McKinsey & Company. The property’s
location at 1401 McKinney, allows tenants easy access to Discovery Green
Park, One Park Place, Houston Pavilions, Minute Maid Park and the Toyota
Center.
“5 Houston Center is one of the best and most
elite Class A office towers in the downtown Houston skyline,”
Hill added. “It has a prime location in the
eastern portion of downtown, which is undergoing an extensive
revitalization with the addition of the Discovery Green Park, retail,
residential and office space.”
Wells Real Estate Funds is a national real estate investment company
based in suburban Atlanta. Since its founding in 1984, Wells has
invested more than $11 billion in real estate for more than 250,000
investors. Wells REIT II, a public nontraded REIT specializing in office
properties, has 83 buildings in 23 states and Washington, D.C. For more
information, see www.wellsref.com;
for more information on Wells REIT II, visit www.wellsreitII.com.
Principal Real Estate Investors is the fourth largest institutional real
estate manager in the U.S. based on tax-exempt assets under management
and manages or subadvises $44.5 billion in commercial real estate
assets. The firm’s real estate capabilities
include both public and private equity and debt investment alternatives.
Principal Real Estate Investors is the dedicated real estate group of
Principal Global Investors, a diversified asset management organization
and a member of the Principal Financial Group®.
HFF (NYSE:HF) operates out of 18 offices nationwide and is a leading
provider of commercial real estate and capital markets services to the
U.S. commercial real estate industry. HFF offers clients a fully
integrated national capital markets platform including debt placement,
investment sales, structured finance, private equity, note sales and
note sale advisory services and commercial loan servicing. www.hfflp.com.
HFF Managing Director
SUSAN L. HILL, 713-852-3500
shill@hfflp.com
or
HFF
Associate Director, Marketing
LAURIE FISH MCDOWELL, 617-338-0990
lmcdowell@hfflp.com
