Hines Global Income Trust, a nontraded real estate investment trust sponsored by Houston-based developer Hines, purchased a fully leased, boutique office building bordering some of Houston’s most affluent neighborhoods for a record-breaking price per square foot.
Hines bought 200 Park Place at 4200 Westheimer Road for $145 million from the building's developer, Texas-based Stonelake Capital Partners. The 15-story, 207,000-square-foot office building is located near Houston’s River Oaks and Highland Village neighborhoods and near the Uptown-Galleria area and Greenway Plaza.
The purchase price per square foot marked the highest ever in Houston when not including medical office sales. The building has a diversified tenant roster with its largest tenant being commercial real estate brokerage JLL, which consolidated three offices and all of its Houston employees under one roof into its 81,999-square-foot space last year. JLL also has its logo on top of the tower. Other tenants include Buckeye Partners, Veritas Title Partners, Compass and Charles Schwab.
The purchase earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: The amenities at 200 Park Place include building concierge, a tenant lounge, conference center, a 6,000-square-foot outdoor landscaped terrace and an upscale sushi restaurant on the ground level. The building features floor-to-ceiling glass and an adjacent outdoor space for health and wellness activities.
What the judges said: “The development and sale of this project helps to uplift overall market pricing and demand for core Houston office product,” said Matthew Goldsby, CEO of Belvoir Real Estate Group.
“Diversified rent roll is impressive and will impact longevity of project positively,” said Stephanie Graves, CEO of Q10 Property Advisors.
They made it happen: Jeff Hollinden, Kevin McConn, Marty Hogan and Rick Goings of JLL represented the seller. The tower was designed by Beck Group and built by Harvey Builders.