Investors purchase 1111 Fannin office tower in Downtown Houston
JLL Capital Markets led the sales efforts for the fully leased office tower that will be redeveloped with today’s tenants needs in mind
HOUSTON – November 30, 2020 – JLL Capital Markets announced today that it has completed the sale of 1111 Fannin, a 17-story, 428,629-square-foot office tower located in the heart of Houston’s central business district.
JLL represented the seller, and procured the buyer, Triten Real Estate Partners and Taconic Capital Advisors.
“We are very excited to close on this opportunity with Taconic,” says Scott Arnoldy, Managing Partner at Triten Real Estate Partners. “1111 Fannin represents one of the best redevelopment opportunities in downtown Houston. The project is well-located within the CBD, has direct access to the tunnel system and is steps away from an incredible slate of amenities, including Discovery Green, the Four Seasons Hotel and the Green Street development. More importantly our basis will allow us to offer a completely unique experience at a dramatic discount to current market rents. It’s also an attractive option for any user looking to control their own environment.”
“We have selected HPA Architecture out of Chicago to help us conceptualize the possibilities of the building. HPA has worked on notable creative office developments and re-developments across the country including HQ buildings for two of the big five tech companies nationally. We look forward to working with HPA to design an experience that will meet the rapidly changing needs of the market,” continued Arnoldy.
1111 Fannin, which is 100% leased to a single investment grade tenant, features a podium-style design with center-core floor plates that average 31,500 square feet. On-site amenities include a conference center, card key access, 24/7 security and an attached parking garage. The property has direct access to Houston’s tunnel network, which features more than seven miles of underground, climate-controlled walkways with retail and dining amenities.
Additionally, the property’s location in the heart of Houston’s CBD affords it quick access to a variety of amenities and attractions, including The Shops at Houston Center, The George R. Brown Convention Center, Market Square, Minute Maid Park and the Toyota Center. 1111 Fannin also has direct access to Houston’s highway system as its centrally located between Interstates 10, 45 and 69, providing connectivity to the greater Houston area.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Dan Miller, Senior Director Martin Hogan and Analyst Ethan Goldberg.
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Triten Real Estate Partners
Triten Real Estate Partners (TREP) is a full-service and vertically integrated real estate development and operating company. With offices in Houston and Dallas, TREP focuses on identifying opportunistic relative-value strategies or unique placemaking investments where value can be created through a tailored experience focused on the changing trends in our industry. TREP is active in development, value-add repositioning, as well as undervalued assets where a mark-to-market arbitrage can be achieved. The company prides itself as being entrepreneurial and flexible to find investments through a disciplined research and market driven approach.
For more, please visit: tritenre.com.
About Taconic Capital Partners
Taconic Capital is a global institutional investment firm that pursues an event driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners, Frank Brosens and Ken Brody. The company has offices in New York, London and Hong Kong with over 100 employees worldwide. Taconic Capital oversees over $8 billion in total assets under management spread across 16 accounts, all of which are fully discretionary. Taconic’s real estate holdings include over $2 billion of assets totaling approximately 20 million square feet of commercial properties.