[Urbannizer]

Brookfield Acquires Houston Center for $875 Million; Major Redevelopment Planned

Brookfield Property Partners has finalized its acquisition Houston Center, a collection of four downtown skyscrapers and a 200,000-SF retail center.

The $875 million sale of the 4.2 million SF Houston Center is one of the biggest real estate transactions ever completed in Houston.

Brookfield is expected to spend heavily – well in excess of $50 million – for a redo of Houston Center, which was constructed in the 1970s and 1980s.

“The focus of our redevelopment efforts is going to be on enhancing the overall tenant experience,” said Travis Overall, Executive Vice President and Head of the Texas Region for Brookfield. “Specifically, we want to expand and improve the offering of amenities and redefine the public areas- lobbies, skybridges and plazas.”


The buildings acquired by Brookfield include:

LyondellBasell Tower – 46 stories; 1.1M SF at 1221 McKinney St.
2 Houston Center – 40 stories; 1M SF at 909 Fannin.
Fulbright Tower – 51 stories; 1.2M SF at 1301 McKinney.
4 Houston Center – 16 stories; 674,000 SF on Lamar Street
The Shops at Houston Center – 3 stories; 196,000 SF on McKinney Street.