Wells Fargo And Morgan Stanley Provide $450 Million Refinance For Hines Office In Houston
845 Texas Avenue
$450,000,000
$375/SF
Building Size
1,198,396 SF
Asset Type
Office
Closing
Feb 21, 2025
About this deal
AI
The asset involved in this transaction is an office property located at 845 Texas Avenue in the Houston market. It has a total square footage of 1,198,396 and has undergone a refinance loan transaction valued at $450,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $450,000,000
- Lender: Charles Scharf - Wells Fargo
- Lender: Ted Pick - Morgan Stanley
- Landlord: Jeffrey C. Hines & Laura Hines-Pierce - Hines
- Landlord: Rana Ghorayeb - Ivanhoe Cambridge
- Brokers: Jordan Roeschlaub, Jonathan Firestone & Clint Frease - Newmark
- Loan Type: Refinance
The transaction features prominent individuals and firms, including lenders Charles Scharf and Ted Pick who represent Wells Fargo and Morgan Stanley, respectively. Landlords Jeffrey C. Hines, Laura Hines-Pierce of Hines, and Rana Ghorayeb of Ivanhoe Cambridge play significant roles in the property management, while the brokerage team from Newmark, comprising Jordan Roeschlaub, Jonathan Firestone, and Clint Frease, facilitated the refinancing process.
On the Map
$450,000,000
$375/SF
Office
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Players
Houston Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93