HOUSTON-The speculation has ended as Hines Real Estate Investment Trust Inc. closed on the sale of the 1.4-million-square-foot Williams Tower for $412 million. A fund managed by Invesco Real Estate ended up with the office asset in what is being dubbed as the largest area sale outside the CBD.

Hines' headquarters is at the class A trophy asset, which is located at 2800 Post Oak Blvd. in the Galleria submarket. Hines REIT had acquired the asset, once known as Transco Tower, in 2008 for $272 million. Hines will continue managing the building, which is 95% leased to tenants including Rowan Cos., Quanta Services and Cadence Bancorp. At 909 feet and 64 stories, Williams Tower is the tallest office building outside of a CBD.

"Williams Tower is a world-class building that has been one of Hines REIT's most significant investments. It is also a very important property to Hines as a firm and to the city of Houston. This has been a great investment that delivered strong cash flows and a positive return to Hines REIT," comments Charles Hazen, president and CEO of Hines REIT in a press release.

“Despite the rocky economy, Williams Tower produced solid cash flow for five years and sold for $100 more per foot than the original purchase price—a truly remarkable return on investment for Hines REIT,” comments Jones Lang LaSalle managing director Michael Zietsman in a prepared statement. Zeitsman, along with JLL executive managing director Tom Melody and Dan Bellow, president of Houston brokerage, led the team representing Hines in the marketing and sales of the tower. Also involved were Jones Lang LaSalle leadership Mike Melody, Rudy Hubbard and James Tramuto. Capital Markets President and CEO Jay Koster and International Director Steve Collins provided international expertise.

“Williams Tower is one of Houston's most visible and incomparable buildings and, as such, drew intense interest from investors around the globe. Amongst the best and final offers included investors from the Middle East, Asia and Europe, with Invesco ultimately coming out on top,” Tom Melody comments in a prepared statement.