NEW YORK, March 5 Hines U.S. Investment REIT, part of international real estate company Hines, has sold the iconic Williams Tower in Houston for $412 million, underscoring interest in office buildings in the energy-rich city.
Funds managed by Invesco Real Estate, based in Dallas, beat out a slew of U.S. and international investors for the 64-story, 1.4-million-square-foot tower that once was the tallest outside a downtown district. It is Hines's headquarters and also home to other companies such as Rowan Cos Plc, Quanta Services Inc and Cadence Bancorp.
Williams Tower is adjacent and connected via sky-bridge to the Galleria, a Hines complex that includes office towers, a hotel, more than 300 stores and restaurants, a skating rink, tennis courts and an athletic club.
The 30-year-old building is closely associated with the city. It is more than 95 percent occupied and was designed by Philip Johnson and John Burgee.
Tech stocks sour, sending European shares to two-month low
* Bunzl leads European stocks after upbeat update (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)