JLL completes sale of 200 Park Place in Houston
The brand-new, fully leased office tower is located in the prestigious River Oaks area of Houston
HOUSTON, July 27, 2022 – JLL Capital Markets announced today that it has closed the sale of 200 Park Place, a Class AA trophy office tower totaling 206,943 square feet in the River Oaks District submarket of Houston, Texas.
JLL represented the seller, Stonelake Capital Partners, LLC, and procured the buyer, Hines Global Income Trust.
Completed in 2020, 200 Park Place features 15 stories of best-in-class office space highlighted by in-demand amenities, including a building concierge; a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace; 24/7 security and an upscale sushi restaurant on the ground level. The property was built with sustainability and ESG in mind and features floor-to-ceiling glass, state-of-the-art building systems, fully electric office space with the potential to integrate solar power and a variety of health and wellness activities in the adjacent outdoor space. The fully leased property, anchored by JLL, has a diversified rent roll with a variety of finance, insurance, real estate, midstream energy and renewables tenants.
200 Park Place is part of the Park Place mixed-use development, which runs along Westheimer Rd. and Mid Lane in the upscale River Oaks and Highland Village area of Houston. The site was assembled and master-planned by Stonelake Capital Partners. Current improvements include 200 Park Place, The Ivy (a 17-story luxury residential tower), The James (an 8-story mid-rise residential project) and two additional parcels for future development. Park Place is within walking distance of numerous high-end retailers and restaurants, luxury residential buildings and planned hotel developments. In addition, 200 Park Place is just minutes to the Galleria, Greenway Plaza and Loop 610, which provides connections to Interstates 10 and 59 providing access to downtown Houston and the surrounding suburbs.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jeff Hollinden and Managing Directors Kevin McConn and Marty Hogan and Senior Director Rick Goings.
“There was solid interest in this offering due to the quality and long-term credit tenancy,” Hollinden said. “The Stonelake team has done an amazing job with Park Place and their efforts have really paid off.”
“Hines emerged as the optimal buyer for this asset,” McConn added, “Since they are headquartered in Houston, they understood better than anyone how special and permanent this location is.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Stonelake Capital Partners is a real estate private equity firm with offices in Atlanta, Dallas, Houston and Atlanta. Stonelake acquires and develops industrial, multifamily and office properties and owns more than $4.0 billion of commercial real estate in high growth markets, including Austin, Dallas, Houston, San Antonio, Atlanta, Nashville, Phoenix, Tampa, Orlando and El Paso.
About Hines Global Income Trust
HGIT is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally. For additional information about HGIT, visit hinesglobalincometrust.com.