Holliday Fenoglio Fowler, L.P. (HFF) announced today the refinancing of 700 Louisiana, the 56-story, 1.2-million-square-foot Phillip Johnson and John Burgee-designed office tower in Houston’s central business district.
The HFF team worked on behalf of the borrower, M-M Properties, in joint venture with an institutional capital partner, to secure the loan.
700 Louisiana is located on a full city block in the heart of downtown Houston’s Theatre District. With its gabled roofline, it is one of the most recognizable buildings on Houston’s skyline and is considered an architectural icon around the globe. The 90-percent-leased tower is anchored by ANR (TransCanada) and includes many of Houston’s prestigious law and financial services firms.
“Refinancing an iconic asset is always a time-intensive, detailed process,” said Ken Moczulski, founder and CEO of M-M Properties. “The entire team deserves great credit for their professionalism and tenacity in completing this transaction during Houston’s recent weather event. Fortunately, the storm had a very minor impact on office operations. We were back to business within a day of power restoration. The proceeds from the refinancing allow us to execute a lobby reconfiguration to activate the old Western Union building, adding 35,000 square feet to the market and incorporate a white tablecloth restaurant. This will have a significant impact on asset value.”
The HFF debt placement team representing the borrower included senior director Cameron Cureton and senior managing director John Brownlee.
About M-M Properties
M-M Properties is a privately held real estate investment firm headquartered in Houston, Texas that seeks to provide exceptional risk-adjusted returns to its investors through superior execution of carefully developed strategies. M-M Properties’ team has deep experience throughout real estate market cycles and multiple project phases including acquisition, disposition, recapitalization, development, and investment management across a broad range of property types and within all major U.S. markets. Senior management has extensive transactional experience and ownership history with numerous institutional partners during their tenures at M-M Properties as well as previous public and private real estate investment companies. The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 38 million square feet of office projects and over 19,000 multifamily units with a cumulative transaction volume in excess of $10 billion. M-M Properties’ current assets under management total approximately $1.25 billion owned in separate joint ventures with several institutional investment partners and includes 4.8 million square feet of office properties that are self-managed. Additional information may be found on the company’s website at www.mmprop.com and at www.700louisiana.com.
About HFF
HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
