Skadden, Arps, Slate, Meagher & Flom LLP Signs Long-Term Lease At Texas Tower In Houston
845 Texas Avenue
Building Size
52,000 SF
Asset Type
Office
Closing
Mar 14, 2025
AI
The property asset involved in the transaction is an office space located at 845 Texas Avenue in Houston. This asset encompasses a square footage of 52,000 and is part of the Texas Tower high-rise, which boasts a total area of 1 million square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Long-term lease
- Address: 845 Texas Avenue
- Market: Houston
- Landlord: Laura Hines-Pierce - Hines, Nathalie Palladitcheff - Ivanhoé Cambridge
- Tenant: Skadden, Arps, Slate, Meagher & Flom LLP
- Landlord's Representative: Michael Anderson - Cushman & Wakefield
- Tenant's Representative: Mark O’Donnell - Savills
Skadden, Arps, Slate, Meagher & Flom LLP will be moving into the leased space in April 2026. The transaction brokered by Savills and Cushman & Wakefield contributes to achieving 99% occupancy for the Texas Tower high-rise.
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