M-M Properties Lands Refi Loan for Houston Tower
- Sep 22, 2017
M-M Properties, in partnership with an institutional capital partner, tapped HFF to secure a refinancing loan for 700 Louisiana, a Phillip Johnson and John Burgee-designed office tower in Houston’s central business district.
Iconic Houston Asset
The 56-story, 1.2 million-square-foot building is currently 90 percent leased. Notable tenants include ANR, Bank of America, Ziegler Cooper Architects, Deutsche Bank and several law and financial services firms. With its gabled roofline, the high-rise is one of the most recognizable buildings on Houston’s skyline and is considered an architectural icon. The LEED Gold certified asset was built in 1983 and features 3,750 parking spaces.
“Refinancing an iconic asset is always a time-intensive, detailed process. The entire team deserves great credit for their professionalism and tenacity in completing this transaction during Houston’s recent weather event,” said Ken Moczulski, founder & CEO of M-M Properties, in prepared remarks. “Fortunately, the storm had a very minor impact on office operations. We were back to business within a day of power restoration. The proceeds from the refinancing allow us to execute a lobby reconfiguration to activate the old Western Union building, adding 35,000 square feet to the market and incorporate a white tablecloth restaurant. This will have a significant impact on asset value.”
The HFF debt placement team of Senior Director Cameron Cureton and Senior Managing Director John Brownlee represented the borrower.
Earlier this year, M-M Properties partnered with Cushman & Wakefield to secure two new leases at Sawgrass International Corporate Park in Florida, totaling 35,000 square feet of office space.
Image courtesy of HFF