Phoenix Tower sold in Texas

Improvements planned

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Hines, an international real estate firm, announced the sale of Phoenix Tower for an undisclosed amount in Houston, Texas. Located at 3200 Southwest Freeway, the 34-story office tower contains 629,000 square feet of rentable area. FSP Phoenix Tower Limited Partnership (FSPLP) purchased the property from Peak Phoenix Tower LP. Phoenix Tower was 92 percent leased at closing to tenants including Washington Mutual, Champion Technologies, Allen Boone Humphries Robinson, and Phillips & Akers. Hines will continue in its role as property manager and leasing agent, as well as take the reins on FSPLP's planned improvements at the property. This assignment represents the second major piece of business between Hines and FSP-sponsored real estate investment trusts. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....