HINES puts BofA Tower on the Block 400M

Hines Interests LP is shopping one of the more recognizable towers in the city's skyline: the 1.3 million-square-foot Bank of America Center. The downtown landmark is not only expected to trade for top dollar, but could also attract some new investors to the city. Hines tapped Holliday Fenoglio Fowler LP to market the property for sale. A team of Jeff Hollinden, Glenn Whitmore, Scott Galloway and Mark Gibson has the listing. The 56-story tower at 700 Louisiana St. could pull in around $325 per square foot, which is on the upper end for trades in the city, according to a source familiar with the offering. That puts a price tag of about $422.5 million on the property. This offering represents a core asset with a value-add component in its rent roll, said the source. With an occupancy rate of 94%, there's still some upside to the building. Rents go for about $19 per square foot, according to CoStar Group information. The property is expected to attract a lot of interest. "This is the kind of asset that doesn't trade very often in Houston. It's the kind of asset that makes someone come to town for the first time," such as an offshore investor or large pension fund, said the source. Hines developed the property in 1983 and held it in its value-add fund. The local company is looking to take advantage of the fact that it's a good time to be a seller in this market. "We believe the present capital environment makes it the right time to bring this superior asset to market," said John Mooz, vice president at Hines, in a statement. "Taking this into consideration, we are hopeful this prime asset will create a new benchmark for Houston’s real estate market." For more information see: www.houstonrealtyadvisors.net