JLL Arranges $163.5M in Refinancing for 696,000 SF Office Tower in Downtown Houston

by Taylor Williams

HOUSTON — JLL has arranged a $163.5 million loan for the refinancing of 717 Texas Avenue, a 696,000-square-foot, 33-story office tower in downtown Houston. Developed in 2003, the property was fully leased until recently, when a major tenant vacated, bringing the occupancy rate down to 50 percent. Tom Melody and John Ream of JLL arranged the financing through Goldman Sachs on behalf of a partnership between Hines and California-based Prime Asset Management.

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