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JLL completes sale of 500 Jefferson, restructures KBR lease at 601 Jefferson in Houston
JLL today announced the firm completed the sale of 500 Jefferson, a Class B office asset located in Houston's Central Business District. John Quinlan purchased the 23-story, 390,479-square-foot building from CPA:17 – Global, a non-traded REIT managed by W. P. Carey Inc.
In advance of the sale, JLL represented KBR in restructuring their lease at 601 Jefferson. As part of the restructuring, KBR was able to terminate 300,000 square feet at 500 Jefferson and consolidate into approximately 900,000 square feet at 601 Jefferson.
"In a challenging office market laden with sublease space, we were tasked with finding a mutually beneficial and creative solution for KBR as the largest tenant at 500 Jefferson and CPA:17 – Global as the owner," said JLL Houston President Dan Bellow, who led the JLL team on restructuring KBR's lease. "Restructuring KBR's lease and bringing 500 Jefferson to market was advantageous to tenant and owner alike."
Rudy Hubbard, Kevin McConn and Rick Goings led the JLL team on the sale of 500 Jefferson.
"500 Jefferson has a premier, highly-visible location," said Hubbard. "This offering presented an intriguing opportunity to acquire a nearly vacant building with the flexibility to be re-tenanted as an office or re-purposed for another use."
500 and 601 Jefferson represent two of four buildings that make up Cullen Center, a development encompassing 3 million square feet of office space and 14 acres in Houston's Central Business District.
Originally constructed in 1962 and renovated in 2005, features of 500 Jefferson include 24/7 security and an in-lobby bank, hair salon and deli. The property also has an attached parking garage with 280 parking spaces.
Built in 1973 and renovated in 1991, 601 Jefferson is a 40-story, 1,047,748-square-foot Class B office building. The building's amenities include onsite banking, dining and conferencing facilities.
Both properties are within walking distance of restaurants, retail and hotels, accessible at street level and by Houston's expansive underground tunnel network.
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About JLLJLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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