Hines and Cerberus’ Acquisition of 2.1 Million-Square-Foot Complex in Houston

Ropes & Gray represented Hariri Interests, Inc. and its subsidiary, Texas Tower Limited Partnership, on the sale of fee and ground lease interests in 600 and 601 Travis Street, Houston, Texas.

The subsidiaries of a joint venture between Cerberus Real Estate Capital Management LLC and Hines Interests Limited Partnership executed the acquisition of 600 Travis Street (formerly JPMorgan Chase Tower) and the adjacent 601 Travis Street (formerly JPMorgan Chase Center), totaling 2.1 million square feet of office and retail space in downtown Houston.

In connection with the sale, Texas Tower Limited Partnership paid the remaining amounts on its mortgage loan with Metropolitan Life Insurance Company and its mezzanine loan with J.P. Morgan Investment Management, Inc.

Founded in 1992, Cerberus is a global leader in alternative investing with over $40 billion in assets across complementary credit, private equity, and real estate strategies.

Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 219 cities in 23 countries and $124.3 billion of assets under management.

Hariri Interests provides real estate management services, real estate investment services, and real estate advisory services.

Texas Tower Ltd was founded in 1987. The Company’s line of business includes providing management services on a contract or fee basis.

The Ropes & Gray team was led by real estate counsel Laurie Nelson and Owen LaFreniere (Picture).

Involved fees earner: Owen LaFreniere – Ropes & Gray; Laurie Nelson – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Hariri Interests, Inc.; Texas Tower Limited;

Author: Ambrogio Visconti