8/24/2007

Joint venture purchases Bank of America Center in Houston

by

Bank of America Center

Houston's 1.3 million square foot Bank of America Center sold to a joint venture between Novati Group and an affiliate of General Electric Pension Trust, which is advised by GE Asset Management, for $380 million.

Jeff Hollinden and Scott Galloway of Holliday Fenoglio Fowler LP represented the seller, Hines.

Hines will continue to manage the 23-year-old, 46-story office building located at 700 Louisiana St. in downtown Houston.

Houston based PM Realty Group will oversee leasing for the two buildings, which were 93 percent occupied at the time of the sale.

Tenants include Bank of America, KPMG, Deutsche Bank and Bear Energy.

The adjacent 966-space Alley Theatre garage was also included in the deal.

Designed by the architectural team of Philip Johnson and John Burgee, the building was developed by Gerald Hines and completed in 1983.

With 78 years of experience, GE Asset Management is one of the largest managers of institutional assets in the United States. They have nearly $200 billion in assets.

The Novati Group is a Dallas-based asset management firm focused on real estate and alternative investment strategies. It was launched in early 2007.

Address: 700 Louisiana St., Houston, Texas

Size: 1,268,480 square feet

Built: 1983

Architect: Philip Johnson and John Burgee

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Filed Under: Office

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