Hines Global Income Trust Buys 200 Park Place in Houston
The 206,943 square foot office tower is located in the River Oaks District.
Hines Global Income Trust acquired 200 Park Place, a Class A office tower in Houston, Texas from Stonelake Capital Partners. The building totals 206,943 square feet and is located in the city’s River Oaks District submarket.
Completed in 2020, 200 Park Place features 15 stories of office space with such features as a building concierge, a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace and an upscale sushi restaurant on the ground level. The property was built with sustainability and ESG in mind and features floor-to-ceiling glass, state-of-the-art building systems, fully electric office space with the potential to integrate solar power and a variety of health and wellness activities in the adjacent outdoor space. The fully leased property, anchored by JLL, has a diversified rent roll with a variety of finance, insurance, real estate, midstream energy and renewables tenants.
200 Park Place is part of the Park Place mixed-use development, which runs along Westheimer Rd. and Mid Lane in the River Oaks and Highland Village area of Houston.The site was assembled and master-planned by Stonelake Capital Partners. Current improvements include 200 Park Place, The Ivy (a 17-story luxury residential tower), The James (an 8-story mid-rise residential project) and two additional parcels for future development. Park Place is within walking distance of numerous retailers and restaurants, residential buildings and planned hotel developments. In addition, 200 Park Place is just minutes to the Galleria, Greenway Plaza and Loop 610, which provides connections to Interstates 10 and 59 providing access to downtown Houston and the surrounding suburbs.
The deal was brokered by Jones Lang LaSalle.