Ropes & Gray Advises on Sale of Two Houston-Based Towers, Including Tallest Skyscraper in Texas
Ropes & Gray represented Hariri Interests, Inc. and its subsidiary, Texas Tower Limited Partnership, on the sale of fee and ground lease interests in 600 and 601 Travis Street, Houston, Texas, to the subsidiaries of a joint venture between Cerberus Real Estate Capital Management LLC and Hines Interests Limited Partnership. The transaction closed on Oct. 25, 2019.
The 75-story 600 Travis Street—the tallest building in Texas—and the adjacent 20-story 601 Travis Street total 2.1 million square feet of office and retail space. In connection with the sale, Texas Tower Limited Partnership paid the remaining amounts on its mortgage loan with Metropolitan Life Insurance Company and its mezzanine loan with J.P. Morgan Investment Management, Inc.
The Ropes & Gray team was led by real estate counsel Laurie Nelson and Owen LaFreniere (both of New York).