HOUSTON — Texas Tower Limited (TTL) has acquired downtown Houston's JPMorgan Chase Center. The 1.1 million-square-foot tower, which was constructed in 1982 and designed by I.M. Pei, is located at 601 Travis St. It contains 20 stories, consisting of 12 levels of parking, six floors of office space, and retail and auditorium space on the ground floor. TTL plans to construct a fitness center on the top floor of the building in the near-term. The company also owns the adjacent 75-story JPMorgan Chase Tower.
JPMorgan Chase, which was the seller in the transaction, had previously been the primary tenant at the building, using the space for data processing and as an operations center. However, the company plans to consolidate its operations at the Chase Center into two of its other Houston offices at 712 Main St. and 1111 Fannin St., retaining only 26,000 square feet at the building. Once the move happens, 250,000 square feet will be available for lease at the building.
Clifford Chance US LLP represented TTL in the purchase. Hines has been brought on to manage the property and lease its vacant space. Mark Russell of Studley represented JPMorgan Chase.
The acquisition price was not disclosed. A request for comment was not returned as of press time.
— Coleman Wood