(HOUSTON) – Hines, the international real estate firm, along with an affiliate of Cerberus Capital Management, L.P (Cerberus) announced today the execution of two new lease renewals at 600 Travis Street in downtown Houston. The two closed deals include a 45,125-square-foot renewal of Indigo Natural Resources LLC and a 22,575-square-foot renewal of Momentum Midstream. Collectively, both energy-based tenants occupy space on floors 55-57 of the 75-story office building.
Hines plans significant renovations to the first-floor plane of the building. The plaza area will be transformed into a vibrant urban garden featuring increased green space and more connections between the outdoors and the building. In another tribute to the building’s iconic history, the reimagined lobby will feature a new glass pyramid entry as a nod to the tower’s original architect, I.M. Pei that creates a spacious lobby with immense natural light. As additional tenant amenities, there will be a new two floor conference center including a large, versatile gallery space on the first floor and a state-of-the-art conference center on the second floor, which can accommodate up to 150 people in various rooms.
“Carrying on the momentum from our recent announcement of a new 250,000-square-foot lease with a global financial services firm, these two additional lease renewals signify that Houston companies are dedicated to providing safe, healthy and state-of-the-art office spaces for their employees,” said John Mooz, senior managing director at Hines. “In tandem with the transformational redesign, we are aiming to incorporate new interior and exterior elements, including a re-engagement of public spaces, park-like landscape finishes, and an added transparency element to create a more collaborative urban experience.”
Hines developed and manages the building, which was originally developed for Texas Commerce Bancshares and is the tallest building in Texas at 75 stories. The five-sided, polished gray granite structure also features a 7,000-square-foot fitness center, a 280-seat auditorium and 12 floors of parking.
Mark Russell of Newmark Knight Frank represented Indigo Natural Resources LLC and Momentum in both lease transactions. Michael Anderson, Diana Bridger, Margaret Elkins and Brad Beasley of Cushman & Wakefield represented Hines and Cerberus.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.