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:
- Property Type: Office
- Transaction Amount: Not disclosed
- Lease Square Footage: 29,800
- Address: 845 Texas Avenue
- Market: Houston
- Landlord: Laura Hines-Pierce - Hines; Nathalie Palladitcheff - Ivanhoé Cambridge
- Tenant: Sheppard Mullin
- Landlord's Representative: Michael Anderson - Cushman & Wakefield
- Tenant's Representatives: Kevin Kushner, Sydnee Hilburn & William Padon - CBRE
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
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