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Financing secured through Prudential Mortgage Capital Company for purchase of iconic Williams Tower in Houston
HOUSTON, April 17, 2013 — On behalf of Dallas-based Invesco Real Estate, Jones Lang LaSalle today announced the firm’s Capital Markets professionals have secured $185.4 million in permanent financing for the purchase of Williams Tower, a 1.4 million-square-foot, 64-story, Class A office tower in Houston’s Galleria region, through Prudential Mortgage Capital Company.
Executive Managing Director Mike Melody and Managing Director Paul House led the Jones Lang LaSalle team on this transaction.
“This was a very significant financing transaction that generated substantial interest from the top-tier institutional lending community,” said Melody. “Williams Tower is not only one of the most recognizable buildings in Houston, it is also an asset that has outperformed the market over the past five years, proving to be a very solid investment. We are confident Williams Tower will continue to deliver good returns for Invesco and perform favorably in the future given its high quality and position in the marketplace.”
Invesco purchased the iconic building from Hines REIT in early March 2013. Jones Lang LaSalle’s Tom Melody with Managing Directors Michael Zietsman and Dan Bellow represented Hines REIT on the sale. The team was assisted by Jones Lang LaSalle’s Tenant Representation and International Capital Group.Completed in 1982, Williams Tower was designed by the award-winning architectural team of Philip Johnson and John Burgee. The building has received a multitude of awards and recognitions, including the ULI Development of Distinction Award in 2010, ENERGY STAR certification in 2000, 2001, 2002, 2007, 2008 and 2009 and the LEED Gold certification in 2009.
The art deco building is recognized for its façade of gray glass and aluminum, accented by columns of bay windows of non-reflective glass and podium setbacks. It features a soaring 88-foot-high granite arched entry, 12-story parking garage, helicopter landing pad and sky bridge access to the Galleria, Texas’ largest shopping center with 2.4 million square feet of space housing 400 fine stores and restaurants, two high-rise hotels and three office towers.Currently 95 percent occupied, tenants of Williams Tower include Ecopetrol America Inc., Hines Real Estate Investments, Knoll, Inc., NetiraOne, Rowan Companies, Smith Barney, Trammel Crow Company, Wells Fargo and Williams Corporation.
About Invesco PropertiesEstablished in 1983, Invesco Real Estate manages $49.7 billion of real estate investments, which includes approximately $30 billion in direct real estate portfolios and $19.7 billion in real estate securities (as of June 30, 2012). Invesco Real Estate has more than 330 employees in 16 offices through the U.S., Europe and Asia. The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco’s investment strategy.
About Prudential Mortgage Capital CompanyPrudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72.6 billion in assets under management and administration as of December 31, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $70.4 billion, as of December 31, 2012. For more information, please visit http://www.prumortgagecapital.com.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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