Triten, Taconic Acquire Downtown Houston Office
- Dec 01, 2020
Triten Real Estate Partners and Taconic Capital Advisors have acquired a downtown Houston office building with plans to redevelop the property. JLL’s Dan Miller, Martin Hogan and Ethan Goldberg represented the undisclosed seller and procured the buyers.
Built in 1971, the 17-story 1111 Fannin building offers 428,629 square feet of office space and was built with a podium-style design featuring center-core floor plates that average 31,5000 square feet. The property is also equipped with a conference center, attached parking garage, card key access, 24/7 security and allows tenants access to Houston’s underground climate-controlled tunnel network that stretches seven miles with retail and dining options.
Located in Houston’s central business district, 1111 Fannin is in close proximity to the area’s many amenities, including The Shops at Houston Center, The George R. Brown Convention Center, and the Minute Maid Park. The building’s location also offers direct access onto the city’s various highways, including Interstates 10, 45 and 69.
According to JLL, JP Morgan Chase has been a tenant at 1111 Fannin for more than 27 years with a lease that runs until September 2021. During its tenancy, JP Morgan Chase also installed certain building components to the office building, according to JLL.
Scott Arnoldy, managing partner at Triten, said in prepared remarks that 1111 Fannin was one of the best redevelopment opportunities in downtown Houston. Triten has tapped HPA Architecture, a Chicago-based firm that has worked on creative office developments and redevelopments across the U.S., to help redesign the office tower. Arnoldy also said that Triten will be able to improve the office property while also offering below-market rents once completed.
Outside the office market, Triten is also invested in Houston’s industrial sector. In November, the company finalized two lease agreements that total more than 500,000 square feet at two industrial properties in Houston.