Williams Tower was developed by Hines and completed in 1982. Formerly known as Transco Tower, Hines has managed and leased the high rise at 2800 Post Oak Blvd. since it opened and will continue to do so. Hines used in-house representation to broker the deal while the seller was represented by Cushman & Wakefield of Texas Inc. in Houston. According to yesterday's SEC filing, the acquisition was funded from proceeds through Hines' current public offering and debt from a revolving credit facility through KeyBank National Association of Cleveland.
The 94%-leased multi-tenant building holds the headquarters of Hines and its REIT. "Williams Tower has been an icon for more than half of our firm's 50-year history," says Hines chairman Gerald D. Hines. "It is a part of our legacy and we will continue to be good stewards of it." Representatives from Hines could not be reached by deadline.
The SEC filing reports that Transcontinental Gas Pipe Line Corp., which has 250,000 sf or about 16% of the building. Its lease expires in 2014. Black Box Corp., formerly NextiraOne LLC, leases 186,777 sf or about 12% of the building's rentable space. Black Box's lease expires in 2009. Other tenants include Rowan Cos. Inc., Van Kampen Investments Inc.; Citicorp North America Inc, CBRE Melody of Texas, Wachovia Bank and Williams Field Services Co.
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