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845 Texas Avenue

Sheppard Mullin Leases 29,800 Square Feet Office At Texas Tower In Downtown Houston
LEASEDOffice

Sheppard Mullin Leases 29,800 Square Feet Office At Texas Tower In Downtown Houston

845 Texas Avenue

Building Size

29,800 SF

Asset Type

Office

Closing

Dec 13, 2024

AI

Sheppard Mullin has leased an office property located at 845 Texas Avenue in downtown Houston. This space encompasses 29,800 square feet on the 25th floor, with plans for opening in late 2024.

Summary of transaction details:

This transaction involved notable representatives from both the landlord and tenant sides. Cushman & Wakefield’s Michael Anderson represented the landlords, while the tenant's interests were represented by a team from CBRE, consisting of Kevin Kushner, William Padon, and Sydnee Hilburn. This collaboration reflects the strategic engagement of experienced professionals in the commercial leasing market.

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