JLL arranges refinancing for Two CityWestPlace in Houston
Class AA office building in Houston’s Westchase submarket
HOUSTON, March 31, 2020 – JLL Capital Markets announced today that it has arranged refinancing for Two CityWestPlace, an office tower totaling 443,549 square feet in Houston’s Westchase submarket.
JLL worked on behalf of the borrower, Parkway Property Investments (“Parkway”), to secure the five-year, floating-rate loan. Regions Bank led the loan and syndicated half with Citizens Bank.
Two CityWestPlace is located at 2107 CityWest Boulevard within the larger four-building CityWestPlace office complex. The 29-acre park is positioned 12 miles west of Downtown Houston along the Sam Houston Tollway and is within close proximity to the Energy Corridor and CITYCENTRE plus residential areas such as Briargrove Park, Spring Branch and West Memorial. Tenants have access to various offerings shared across the four buildings, including expansive outdoor space, conference space, a dry cleaner, salon, dentist, car detailing and auto service, multiple food and beverage options and indoor and outdoor recreational offerings such as two fitness centers, a jogging track, soccer field, basketball court, sand volleyball and bocce ball court. Two CityWestPlace offers 20 stories of Class A office space, which is currently 99% leased.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Susan Hill and Analysts Jett Lucia and Sherri Rollins.
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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Parkway Properties Investments, LLC
Parkway is a privately owned, full service real estate investment firm with more than $3.2 billion in assets under management. Led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles, Parkway owns, operates, and manages institutional quality commercial real estate assets throughout the Sunbelt region, as well as identifies and structures acquisitions and provides property and asset management, leasing, accounting, and construction management services. Parkway currently operates and/or provides accounting services for approximately 21.7 million square feet of commercial real estate assets located in California, Texas, Georgia, Florida, North Carolina, Virginia and Pennsylvania.