Hines and Ivanhoé Cambridge partner to develop Texas office tower
Real estate investors Hines and Ivanhoé Cambridge have partnered again to build a 47-storey, 1m square foot office tower block in Houston, Texas.
The building which is being constructed on the 800 block of Texas Avenue is expected to open in late 2021.
No financial details were disclosed.
Hines said law firm Vinson & Elkins has signed a 16-year lease for 212,000sqft. Hines will also relocate its global headquarters to the new building, signing a 15-year lease for 155,000sqft.
Jeff Hines, the president and CEO of Hines, said: “This tower promises to be a true ‘next-generation’ office building, drawing from the research and best practices we have learned from our office developments around the world. We are excited to not only be building it but also to move our headquarters there.
Daniel Fournier the chairman and CEO at Ivanhoé Cambridge, said: “We are very proud to partner again with Hines in a project that will set a new standard for downtown Houston and beyond.
“Hines has demonstrated over and over again why they are the best at what they do; this project promises to deliver even more.”
Ivanhoé Cambridge is the real estate investment arm of Quebec’s sovereign fund, Caisse de dépôt et placement du Québec.