Hines and privately held EPCO, Inc. have announced that an affiliate of EPCO, Inc. has purchased the 1100 Louisiana complex in downtown Houston from National Office Partners Limited Partnership (NOP), a joint venture between the California Public Employees' Retirement System (CalPERS) and Hines.
Designed by Skidmore, Owings & Merrill, 1100 Louisiana is a 1.3 million-ft², 55-storey office tower that includes 36,000 ft² of retail space and an adjacent 2,233-space parking garage. EPCO, Inc. will begin to move its corporate headquarters to 1100 Louisiana from its current location in Northwest Houston during the first half of 2006.
"We are thrilled that one of Houston's fastest growing companies chose to make the heart of the city their home in one of the premier properties in the central business district," said Hines Senior Vice President Mark Cover. "EPCO's decision reinforces once again the concept that as companies mature and desire to draw on the ample talent available across the metropolitan area, downtown continues to be the destination of choice."
"With the assistance of Cushman & Wakefield, we conducted an extensive review of commercial property in Houston to serve as the new headquarters for the EPCO group of companies, and selected 1100 Louisiana as the best investment value and solution for office space to accommodate our continued growth," said Dan L. Duncan, EPCO's chairman.
"When we were charged with finding a building to house the consolidated operations of the EPCO companies, 1100 Louisiana stood apart from its competitive set in its ability to accommodate EPCO's long-term growth. Likewise, through a continued partnership with Hines, 1100 Louisiana provides exemplary value in an asset that many consider to be the premier location in Houston's CBD," said Steve Montgomery, a senior director with Cushman & Wakefield who, along with Angus Hughes and David Chuoke, represented EPCO, Inc. in the transaction.
Hines developed 1100 Louisiana in 1980 and sold the building to Capital Guidance Associates IV in 1985. In 1999, National Office Partners purchased the building. Hines has continually managed and leased the building for 25 years and will continue in this capacity.