HFF Arranges Joint Venture Equity for Office Tower in San Antonio
- Jan 25, 2017
San Antonio—HFF announced that it has arranged a joint venture equity investment for the development of Frost Tower, a 460,000-square-foot, Class AA office tower to be built in downtown San Antonio.
HFF worked exclusively on behalf of the developers—San Antonio-based Weston Urban and Dallas-based KDC. TRT Holdings Inc. of Dallas provided joint venture equity for the project. The HFF team representing the developers was led by Director Campbell Roche, Executive Managing Director Mark Gibsen, Senior Managing Director Trey Morsbach and Managing Director John Taylor.
“We tasked HFF with not only arranging joint venture equity for the first speculative office tower in downtown San Antonio in three decades, but also with helping us identify a partner with the characteristics that mean the most to us: character, integrity and an alignment of mission and purpose,” Randy Smith, president of Weston Urban, said in a prepared statement.
Designed by Pelli Clarke Pelli, Cullen/Frost Bankers Inc.’s future corporate headquarters is due for completion in 2019. It will offer approximately 430,000 square feet of office space, 20,000 square feet of ground floor retail and around 10,000 square feet of tenant amenity space, including a fitness center and tenant lounge. More than 60 percent of the building will be offered on long-term lease and Frost will operate a financial center on the ground floor.
The 23-story Frost Tower will be situated on a 2.8-acre site at the corner of West Houston Street and North Flores Street and will be developed as part of a complex public-private partnership agreement made in 2015 among Weston Urban, Frost Bank and the city of San Antonio.
Image courtesy of Pelli Clarke Pelli