Hines, Ivanhoé Land $450M Refi for Houston Trophy Tower
Wells Fargo and Morgan Stanley provided the loan.
The joint venture of Hines and Ivanhoé Cambridge has received $450 million in refinancing for Texas Tower, a 1.2 million-square-foot high-rise in Houston. Wells Fargo and Morgan Stanley provided the loan package, in a deal arranged by Newmark on behalf of the owners.
The 47-story building came online in 2021 with the aid of a $317.6 million construction loan provided by New York Life Insurance Co. back in 2018, CommercialEdge shows. At that time, Texas Tower was the largest office project under construction in Houston. The property later became subject to a four-year $267 million note, originated by Ivanhoé Cambridge in 2023, according to the same source.
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This loan marks the first time in two years when a multi-tenant office building outside New York City has secured financing in the CMBS single-asset, single-borrower market, stated Newmark Co-President Jonathan Firestone in prepared remarks.
A high-rise in downtown Houston
Located at 845 Texas Ave., Texas Tower is in Houston’s central business district and has access to interstates 45 and 10. The George Bush Intercontinental Airport is some 20 miles away.
The building was 95.0 percent leased at the time of the deal and serves as Hines’ global headquarters. Its tenant roster also includes Vinson & Elkins, Morgan Stanley, Cheniere Energy Inc. and Clifford Chance, among others.
The LEED Platinum-certified Texas Tower features floorplates ranging between 30,438 and 31,255 square feet, 24 passenger elevators and 1,500 car parking spaces. Amenities include a conference center, rooftop garden and fitness center.
Newmark Co-Heads of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, Vice Chairmen Clint Frease and Blake Thompson, Managing Director Travis Bailey, Director Peter Mavredakis and Associate Director Tim Polglase secured the financing package.
Newmark landed the number one position in Commercial Property Executive‘s 2025 top commercial mortgage brokers. The firm provided loans totaling more than $48.4 billion during the 12 months ending in September 2024 and increased its originations volume by 79.6 percent year-over-year.
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