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
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