Hines Global Income Trust just landed on Park Place.
The Hines-sponsored real estate investment trust paid $145 million for 200 Park Place, a fully-leased office tower between the River Oaks District and Highland Village in Houston. The 206,000-square-foot tower was completed in 2020.
The acquisition adds to the Hines REIT’s $3.4 billion portfolio, which is roughly two-thirds weighted toward the industrial and living sectors, according to the Houston Business Journal.
The seller, Austin-based Stonelake Capital Partners developed the 15-story building as a part of its Park Place River Oaks development, an 11.5-acre mixed-use complex at the intersection of Westheimer Road and Mid Lane. Other buildings in the development include an eight-story, 344-unit multifamily building dubbed The James and a 297-unit multifamily tower known as The Ivy.
“This was our baby,” Stonelake exec William Peeples said about 200 Park Place. In Peeples’ opinion, having the Houston-based real estate giant buy his company’s building is “a real stamp of approval on the project.” Peeples said that Stonelake is in the process of designing 100 Park Place, which will be a taller sister tower to 200 Park Place located on an adjacent property in the development.
Stonelake was represented by JLL in the deal. The Chicago-based firm is one of the anchor tenants of 200 Park Place along with Houston-based midstream company Buckeye Partners. JLL has a 82,000-square-foot lease that spans three floors of the office building.
In a statement, Janice Walker, COO of Hines Global Income Trust, said the property’s amenities and Houston’s return-to-office rates were top contributors in the firm’s decision to close on the building.
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