Hines REIT Sells 64-story Williams Tower, Houston

By Ralph Bivins

In Houston, Hines Real Estate Investment Trust has sold the 64-story Williams Tower in Houston’s Galleria to a fund managed by Invesco Real Estate. The sales price was $412 million, making it one of the largest deals in Houston real estate history.

The building, still called by its original name of Transco Tower by some long-time Houstonians, is located adjacent to the Gerald D. Hines Waterwall Park, which is named for the founder of the Houston-based real estate development firm. Hines developed the Galleria, Williams Tower, and hundreds of office towers, hotels and commercial property around the world.

The 1.4 million-square-foot Williams Tower serves as the corporate headquarters of Hines. The tower is more than 95 percent leased to tenants including: Williams, Hines, Rowan Companies, Quanta Services and Cadence Bancorp.

In Williams Tower is connected by skywalk to The Galleria, a mixed, use project and shopping center that was developed by Hines.

Developed by Hines in 1983, the tower was the tallest skyscraper in the world outside of a CBD when it was built and it still reigns as one of the tallest “non-downtown” buildings. Designed by renowned architects Philip Johnson and John Burgee, the tower’s familiar silhouette on the Houston sky carries the art deco style.