NEW
YORK, Feb. 27, 2025 /PRNewswire/ -- Newmark
announces the firm has secured a $450
million refinancing loan for Texas Tower, a 47-story trophy
office skyscraper in Houston,
Texas. 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 assembled the
financing package on behalf of owners Hines and Ivanhoé
Cambridge, the real estate group
of CDPQ. 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. "Our team
worked closely with the lender to navigate rating agency and
appraisal feedback, ultimately driving exceptional investor demand.
The AAA-rated bonds were nearly five times oversubscribed, while
lower tranches saw demand outstrip supply by as much as 20 times.
This overwhelming interest led to pricing tightening significantly,
resulting in final loan terms that exceeded expectations and an
exceptional result for our clients."
Delivered in 2021, the 1.2 million-square-foot Texas Tower is s
95% leased. More than 500,000 square feet of leasing has taken
place over the past year, signaling tremendous momentum at the
property, 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.
The property, at 845 Texas Avenue, offers a state-of-the-art
tenant experience aimed at maximizing productivity. Conceived as a
vertically integrated campus, Texas Tower features a
hospitality-inspired lobby, expansive green spaces and a wide range
of sought-after tenant amenities including a rooftop garden,
high-tech conference center and a modern fitness center with space
for classes. Additionally, the property's location provides tenants
with immediate access to an array of restaurants, entertainment
venues and newly completed residential options.
Since its opening four years ago, Texas Tower has been
recognized with numerous awards and certifications, including the
2023 Texas Society of Architects Award, the Houston Business
Journal Landmark Award and LEED® Platinum, WiredScore Platinum and
WELL Platinum™ Building Standards.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of
nearly $2.8 billion. As of
December 31, 2024, Newmark and our
business partners together operated from approximately 170 offices
with more than 8,000 professionals across four continents. To learn
more, visit nmrk.com or follow @newmark.
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Newmark
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that are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.
