HOUSTON – A partnership of TRC Capital Partners and Amstar America has acquired 1001 McKinney, a 375,440-square-foot office building located in downtown Houston.
The seller, a joint venture between Cameron Management and Silverpeak Real Estate Partners, was represented in the transaction by HFF.
At 23 stories, 1001 McKinney today is surrounded by much taller skyscrapers. When it opened in 1947, however, the tower was a central hub for commerce and finance. The landmark Art Deco building was designed by Alfred C. Finn and is listed on the National Register of Historic Places.
Located at the corner of McKinney and Main Street in the heart of Houston’s central business district, 1001 McKinney provides easy access to the METRO Light Rail. The property connects to the downtown underground tunnel system, which links 95 city blocks and includes more than 400,000 square feet of retail and restaurant space.
The building was 76% leased at the time of closing.
“We have strong conviction in the Houston CBD and have been searching for several years for historic buildings that deliver compelling value for tenants and investors,” said Steve Lerner, president and CEO of TRC Capital Partners of Houston. TRC was previously known as Redstone.
HFF’s Dan Miller, Marty Hogan and real estate analyst Johnny Kight represented the seller in the sale.
