Texas Tower Limited Acquires JPMorgan Chase Center in Houston – Hines to Manage and Lease Property

HOUSTON, TX – November 9, 2009 – (RealEstateRama) — Texas Tower Limited, owner of the 75-story JPMorgan Chase Tower, announced today the acquisition of the adjacent JPMorgan Chase Center in downtown Houston from JPMorgan Chase.  The 20-story building is located at 601 Travis on the block bounded by Capitol, Travis, Texas and Main streets.  The purchase price was not disclosed.

Hines and Clifford Chance US LLP of New York represented Texas Tower Limited in the transaction, while Mark Russell at Studley represented JPMorgan Chase.

It was also announced that Hines has been hired to manage and lease the 1.1 million-square-foot property, which includes approximately 450,000 square feet of office and retail space.  Paula Bruns and Liz Shaw of Hines will handle leasing.

The Center, which was completed in 1982, was designed by I.M. Pei & Partners and developed by Hines.  Over the years, JPMorgan Chase has used the location as a data processing and operations center.  The bank is consolidating to 712 Main and 1111 Fannin, retaining just 26,000 square feet at the Center.  Upon Chase’s departure, 250,000 square feet will be available for lease.  In addition to JPMorgan Chase, The Bank of New York Mellon leases office space in the Center.

Connected to the extensive downtown Houston tunnel system, JPMorgan Chase Center contains 12 levels of parking, six levels of office space, and on the ground level, an auditorium and retail space.  An exercise facility is planned for the top floor of the building. The parking garage, which is leased by JPMorgan Chase Tower, is utilized by the tower’s tenants and by people visiting downtown Houston for various daytime, evening and weekend events.

In Houston, Hines manages 26 properties totaling approximately 13 million square feet.

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PRESS CONTACT

George C. Lancaster
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(713) 966-7666
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Kim Jagger
Director, Corporate Communications
(713) 966-7848
(713) 966-7886 fax