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News release


JLL Secures $450M in Financing for Iconic Houston Office Tower

Historically low interest rates drive forward commitments for refinancing and mezzanine debt

HOUSTON, May 26, 2016 – Sustained low interest rates continue to power the capital markets both nationally and in Texas. On behalf of an international investor, JLL’s Capital Markets experts today announced the firm has secured a total of $450 million of financing to recapitalize Chase Tower and Chase Center, two Class A office properties located in downtown Houston. MetLife provided a fixed-rate senior mortgage while JPMorgan provided mezzanine financing for a term of 11 years. The mezzanine loan has a floating-interest rate for the first year and then converts to fixed rate for the following ten years.

Executive Managing Director Tom Melody and Senior Vice President John Ream led the JLL team on the transaction.

“Locking in a senior loan at today’s low interest rate lowers the owner’s cost of capital and ensures that two of downtown Houston’s most prominent office buildings will continue to perform at a high level,” said Melody. “In addition, the long-term mezzanine debt we secured demonstrates lenders’ confidence in the market’s office sector.”

The 75-story Chase Tower is Houston’s tallest building and combined with the 20-story Chase Center totals approximately 2.4 million square feet. The buildings are connected by an underground pedestrian tunnel. Chase Tower includes office and retail space and a sky lobby observation deck while Chase Center includes office and retail space and a parking garage.

JLL 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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit