Invesco set to buy BG Group Place for $480M

HOUSTON – Invesco Real Estate is set to buy BG Group Place for $480 million for its client, National Pension Service of Korea. The 1 million-sf tower at 811 Main was completed in 2011.

Aside from its namesake tenant, BG Group Place also houses KPMG. BakerHostetler recently signed a lease for 75,737 sf of space, taking the building’s occupancy to 92 percent.

Invesco recently purchased Williams Tower, as reported in March 2013. Both Williams and BG Group Place were developed by Hines.

If the $480 million figure is accurate, the price paid for Hines’ newest building would beat the $445 million record for a single office building held by downtown’s Hess Tower.

Hines has been selling some of its best real estate. Last year, the company sold its two-building Shell Plaza complex for $550 million to an affiliate of Enterprise Products Co.