Partners to Lease Yet Another Skyscraper, Market briefs

In Houston, Partners Real Estate has been selected as the exclusive leasing agency for 801 Travis, a 21-story, 222,192-SF building in downtown Houston.

The building built in 1981, is positioned on a.43-acre site at the corner of Travis and Rusk streets. The tower was sold last summer to an investment entity represented by Morris Chen.

A significant upgrade “with enhancements specifically designed to preserve its unique boutique feel while introducing modern amenities” is under consideration, as stated by a statement from the new owners.

“Ownership recognized the immense potential of 801 Travis from the outset,” said Chen, the Asset Manager for 801 Travis. “The decision to purchase this asset was driven by its outstanding location in the dynamic core of Downtown Houston, which provides unparalleled connectivity and access to first-class amenities.”

801 Travis is connected by tunnel and sky bridge to the adjacent JW Marriott Downtown Houston Hotel, which provides 801 Travis tenants with access to the hotel’s fitness center, event spaces, and the Spa by JW.

The leasing efforts for 801 Travis will be led by Partners’ Office Agency Leasing broker and Senior Vice President, Diana Bridger.

The building is currently about 40% leased.

“Ownership is motivated to increase building occupancy and this building is perfectly positioned to capitalize on Downtown Houston’s vibrancy. I see endless possibilities for attracting a new generation of tenants who value a uniquely amenitized workplace,” Bridger said. “We look forward to executing a fresh leasing strategy that highlights everything this building has to offer.”

Houston-based Partners has expanded its downtown office leasing portfolio in March after Houston leasing specialist Chip Colvill and his team from Cushman & Wakefield joined Partners.

The group’s current assignments include major downtown properties such as 1100 Louisiana, Texas Tower, and 717 Texas, bringing Partners’ total leasing responsibility in the Downtown Houston market to over 30% of the office inventory.

The Colvill group traces its roots to the former Colvill Office Properties, a Houston firm that focused on leasing Class A Office properties until it was purchased by Cushman & Wakefield about six years ago.

A key member of the Colvill team, Michael Anderson, represents Hines in leasing the new 1.2 million-SF Texas Tower in downtown Houston. The 47-story Texas Tower, constructed during the Covid pandemic, is now99 percent occupied, a remarkable achievement considering the soft office market conditions and the work-from-home trend in the post-Covid market.

Newer office buildings have outperformed older office properties, a trend called “the flight-to-quality.”

The office market is slated to continue a gradual tightening as buildings are transformed into other uses and the pace of construction of new space is light.

“Houston is taking a big pause on new construction, so it will be a good opportunity for the rest of the buildings to catch up,” Colvill said.