Hines REIT buys Texas skyscraper

Hines REIT today announced it has acquired the 1.5 million-square-foot Williams Tower in Houston, Texas, for an undisclosed amount.

The 64-story tower, where Hines REIT maintains its corporate headquarters, is located at 2800 Post Oak Blvd. in the city's Uptown/Galleria area.

The acquisition also included an undivided interest in the adjacent 2.8-acre Waterwall Park and a 2.3-acre undeveloped land parcel across the street at 3009 Post Oak Blvd.

Transco Tower Limited sold the property, which was 94 percent leased to tenants that included Transcontinental Gas Pipe Line Corp.; Black Box Network Services (formerly known as NextiraOne LLC); Hines and Hines REIT (corporate headquarters); Rowan Cos. Inc.; Van Kampen Investments Inc.; Citicorp North America Inc.; CBRE Melody of Texas; Wachovia Bank N.A.; and Williams Field Services Co.

Williams Tower, which was completed in 1982, was developed by Hines, and has been managed and leased by the firm since then. At 909 feet it is the second-tallest building in Texas.

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