Hines Hires JLL to Market Iconic Williams Tower
- Aug 13, 2012
Hines has put its 64-story Williams Tower on the market, hiring Jones Lang LaSalle Inc.’s Houston office to find a buyer for the iconic tower.
The 1.4 million-square-foot tower was built by Hines in 1983 as the tallest skyscraper in the world outside of a CBD; in 2008, the building was purchased by Hines REIT. The 64-story tower is currently more than 95 percent leased, with a tenant roster that includes Williams, Hines, Rowan Cos., Quanta Services and Cadence Bancorp.
Designed by renowned architects Philip Johnson and John Burgee, the tower was created in the art deco style. Clad in silver gray reflective glass and anodized aluminum, the sleek tower is accented by columns of bay windows made of non-reflective glass and podium setbacks on two lower floors and four higher levels. A 7,000-watt, revolving beacon atop the building can be seen for miles around, creating a virtual urban lighthouse.
“Williams Tower is a special asset to Hines REIT and Hines,” said Charles Hazen, CEO of Hines REIT. “Not only is it one of the REIT’s most significant investments, it is also the global headquarters for Hines and we wanted to choose the right firm to help us market the asset. We believe that the time is right to sell this asset and generate returns for our investors, and we selected Jones Lang LaSalle because of its outstanding reputation and access to major investors around the world, who we believe will be attracted to this world-class property. JLL’s global capital markets team will include leaders from Houston, the U.S. and international markets.”
Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. Hines REIT currently owns interests in 57 commercial properties, which contain 26.8 million square feet of leasable space.
For more on the sale, see “Houston’s Iconic Williams Tower Goes Up for Grabs” on www.cpexecutive.com.
Image Courtesy of Hines