HOUSTON, TX – June 27, 2018 – HFF announces the sale of 1001 McKinney, a 23-story, 375,440-square-foot office building in Houston’s central business district (CBD).
The HFF team represented the seller, a partnership between Cameron Management and Silverpeak Real Estate Partners, and procured the buyer, a partnership between TRC Capital Partners LLC, and Amstar America LLC.
Situated on the corner of McKinney and Main in the heart of Houston’s CBD, 1001 McKinney is convenient to the city’s METRO Light Rail, Greenlink Bus System and the city’s highway system, including Interstates 10, 45 and 69. Additionally, the property is linked to the underground tunnel system, which connects 95 full city blocks and offers more than 400,000 square feet of retail and restaurant space in a climate-controlled, subterranean environment. 1001 McKinney was constructed in 1947 and is a historic landmark on the National Register of Historic Places. The LEED Gold and Energy Star-rated building was recently renovated and offers tenants an attached, 2.0/1000 parking garage, on-site conference facility, bike room with showers and direct access from the lobby to Morton’s Steakhouse. 1001 McKinney was 76% leased at closing providing the buyer with immediate upside through the lease up of vacant space and raising in place rental rates to market.
“We strongly believe in the Houston CBD and have been looking for several years at historic buildings that offer compelling value for both tenants and our investors,” commented Steve Lerner, President and CEO of TRC Capital Partners.
The HFF investment advisory team representing the seller included senior managing director H. Dan Miller, senior director Marty Hogan and real estate analyst Johnny Kight.
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
About Cameron Management
Cameron Management is a Houston-based real estate company focused on bringing value to its tenant base through effective on-site management as well as to the company at large. The Cameron Management concept is to house all functions of owning and managing a commercial office property under one umbrella: ownership, property management, leasing and engineering. To learn more, please visit: cameronmanagement.com.
Silverpeak Real Estate Partners is a privately-held real estate investment and advisory business headquartered in New York, with additional offices in Atlanta and London. Since its formation in 2010, Silverpeak, together with investment partners, has acquired over $15 billion of gross asset value in 180 transactions across various property types and U.S. geographic regions. In addition, Silverpeak actively manages over $2.4 billion in gross asset value on behalf of three opportunistic real estate private equity funds (as of March 31, 2018). Further information is available at silverpeak.com.
About TRC Capital Partners, LLC
TRC Capital Partners (TRC), formerly known as The Redstone Companies, is a Houston-based, privately-held development and investment firm managing both private and institutional capital. Over the past 25 years, TRC has invested both private and institutional capital in assets with an aggregate value of over $1.4 billion. The TRC portfolio has included over $700 million in hospitality assets and over $400 million in commercial real estate. Recent projects include BBVA Compass Plaza, Regions Financial Center and the Intercontinental Houston Medical Center Hotel. To learn more please visit trccapitalpartners.com.
Amstar is a privately-owned real estate investment management company with over three decades of experience in acquiring, developing and managing all major property types in the United States and in select international markets. The company’s two primary divisions include: Amstar America LLC, which targets value-add acquisitions, major renovations and repositionings and opportunistic ground-up developments in the United States, and Amstar Global Partners Ltd., which invests opportunistically in select international locations. Amstar was founded to manage the real estate allocation of its large family office owner. Over its 30 year existence, Amstar has grown to approximately $1.1 billion in assets under management (as of December 31, 2017).
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
H. DAN MILLER, CCIM, SIOR
TX Lic. #0289851
HFF Senior Managing Director
HFF Director, Public Relations