Hines fund to sell 919 Milam in downtown Houston (US)

Hines has announced that HFF (Holliday Fenoglio Fowler, L.P.) has been retained to market the sale of 919 Milam, a 26-story, 542,000-ft² office building located in downtown Houston. Formerly known as 910 Travis, the building was originally constructed in 1956 and recently underwent an $11-million (approx. €7.5 mln) renovation, which included the installation of a 300-space parking garage within the building's footprint.

919 Milam, Houston, Texas

The property's new four–level parking garage consists of approximately 200,000 ft², and provides 300 access-controlled parking spaces all with direct access to the buildings office floors. The reconfigured lobby features a grand backlit onyx-clad entry which leads into the epicenter of Houston's downtown tunnel system via high speed escalators. The project was financed and is owned by National Office Partners Limited Partnership (NOP), a partnership of the California Public Employees' Retirement System (CalPERS) and Hines.

"We believe the present capital environment makes it the right time to bring this asset to market," said John Mooz, vice president at Hines. "We saw in 919 Milam an opportunity to use the capabilities of the firm to transform one of Houston's classic skyscrapers and reposition it to meet tenant needs for years to come."

Gary Holtzer, Hines vice president and senior investment officer for NOP, added, "This acquisition represented an opportunity for us to invest in a very well located property and add value through redevelopment and repositioning of the building. The building is now well positioned to be occupied by a Class-A tenant roster in the strong Houston CBD market."

"With the ongoing strength of the Houston economy and no new supply coming on-line for at least three years, 919 Milam offers a significant value add opportunity," states HFF Executive Managing Director Scott Galloway.

Situated in the heart of Houston's central business district, the property is located on a full city block bounded by Travis, Walker, Milam and McKinney streets and convenient to restaurants, hotels, retail outlets and city parks. The building is also centrally located at the crossroads of Houston's underground pedestrian tunnel system, which links 919 Milam with all the major office buildings, hotels and retail centers.

Source: Hines

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