Brookfield buys 4.2 million-sf Houston Center

​​​HOUSTON – Brookfield Property Partners has purchased the 4.2 million-sf Houston Center in one of the biggest real estate transactions ever completed in the city.

The 72 percent-occupied property sold for $875 million. It includes a 196,000-sf retail center and four skyscrapers:

• the 51-story Fulbright Tower, 1.2 million sf, at 1301 McKinney St.;
• the 46-story LyondellBasell Tower, 1.1 million sf, at 1221 McKinney St.;
• the 40-story 2 Houston Center, one million sf, at 909 Fannin St.; and 
• the 16-story 4 Houston Center, 674,000 sf, on Lamar St.

HFF represented the seller, J.P. Morgan Asset Management, which first bought stake in the property in 2004. 

Brookfield has brought on Transwestern to handle leasing. The buyer is expected to spend over $50 million on improving the more than 30-year-old development.