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845 Texas Avenue

Sable Offshore Co. Leases 46500 Square Feet At Texas Tower In Downtown Houston
LEASEDOffice

Sable Offshore Co. Leases 46500 Square Feet At Texas Tower In Downtown Houston

845 Texas Avenue

Building Size

Asset Type

Office

Closing

Dec 10, 2024

AI

The property involved in this lease transaction is an office asset located at 845 Texas Avenue in Houston. The asset encompasses a total of 46,500 square feet and is situated on the 28th and 29th floors of the 47-story Texas Tower. Occupancy is anticipated by Q3 2024.

Summary of transaction details:

Sable Offshore Co. will lease the specified space within the Texas Tower with the representation handled by Kevin Kushner, Sydnee Hilburn, and William Padon of CBRE. The landlord's interests are represented by Michael Anderson from Cushman & Wakefield, working in partnership with Hines, Ivanhoé Cambridge, and CDPQ.

Players

William Padon

CBRE

Broker

10 deals

Broker

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