WeWork Leases Office Space At 609 Main St, Houston From Landlord Hines
609 Main St, Houston, TX, 77006
Building Size
56,000 SF
Asset Type
Office
Closing
Jul 9, 2019
AI
The office tower located at 609 Main St in Houston, TX, 77006 spans 1 million square feet and will soon be the home of a 56,000-square-foot coworking space. WeWork, the tenant leasing the space, will enjoy access to the building’s café and a 7,000-square-foot fitness center. The lease was brokered by Mark O’Donnell of Savills Commercial Real Estate, representing WeWork, and Michael Anderson and Damon Thames of Colvill Office Properties, representing the landlord, Hines.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Tenant: WeWork
- Landlord: Hines
- Square Feet: 56,000
- Tenant's Rep: Mark O’Donnell(Savills)
- Landlord's Rep: Michael Anderson and Damon Thames (Colvill Office Properties)
The upcoming coworking space at 609 Main St in Houston, TX, is the fourth location for WeWork in the city. With an expected opening in late 2019, the space will bring a vibrant coworking environment to downtown Houston, offering not just workspace but also additional amenities for its members to enjoy.
Players
Houston Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93