Hines and Ivanhoe Cambridge procured a $450 million refinancing on Texas Tower, a 47-story office highrise at 845 Texas Avenue in Houston.

Delivered in 2021, the 1.2 million-square-foot Texas Tower is 95% leased. More than 500,000 square feet of leasing has taken place over the past year, with rents among the highest in Houston. Tenants at the property include Vinson & Elkins, Morgan Stanley, Cheniere Energy, Inc. and Clifford Chance. The tower also serves as Hines’s global headquarters.

Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis and Tim Polglase assembled the financing package on behalf of the owners. Wells Fargo and Morgan Stanley provided the funding.

“The refinancing for this award-winning property was particularly notable as it marked the first time in two years that a multi-tenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market,” said Firestone. “The AAA-rated bonds were nearly five times oversubscribed, while lower tranches saw demand outstrip supply by as much as 20 times.”