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717 Texas Ave, Houston, TX,...

Calpine Corp Leases 126,000 Sq Ft Office Space In Houston From Hines
LEASEDOffice

Calpine Corp Leases 126,000 Sq Ft Office Space In Houston From Hines

717 Texas Ave, Houston, TX, 77002

Building Size

126,000 SF

Asset Type

Office

Closing

Feb 13, 2019

AI

The office lease renewal at 717 Texas Ave, Houston, TX, 77002, involves a 126,000-square-foot space within the 697,195-square-foot property. The building, located in downtown Houston, is a 33-story structure owned and developed by Hines. Calpine Corp, a provider of natural gas and geothermal resources, has been an anchor tenant at this location since 2003.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Tenant: Calpine Corp
  • Landlord: Hines
  • Square Feet: 126,000
  • Tenant's Rep: Lucian Bukowski(CBRE)
  • Landlord's Rep: Win Haggard of Colvill Office Properties

Lucian Bukowski of CBRE represented Calpine Corp in the lease negotiations at 717 Texas Ave, while Win Haggard of Colvill Office Properties acted as the representative for Hines in this transaction.

Players

Lucian Bukowski

CBRE

Broker

7 deals

Broker
Hines
HinesLandlord

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