Jump to content

Williams Tower At 2800 Post Oak Blvd.


DaTrain

Recommended Posts

I don't think there will be any traumatic changes. It's not like it's some out-of-towners buying it. Hines REIT has been in the Williams Tower for years. Also, it's a REIT -- doesn't that mean it buys properties, instead of developing them?

I've been in the Hines REIT offices in the Williams Tower. In the middle of lobby is the five-foot-tall model of the Bank of America Center.

Link to comment
Share on other sites

Hopefully the Hines "family" won't continue to follow in the destructive footsteps of Weingarten (of which the family has been in Houston since the 1880s) - recently: Montagu Hotel, Bond Store, Beatty-West building, San Jacinto/Bender property...

As far as REITs developing:

Following its restructuring as a real estate investment trust (REIT), Weingarten became a publicly-held company in August 1985 and was listed as “WRI” on the New York Stock Exchange. The Company is one of the largest equity REITs listed on the Exchange and has consistently been ranked as one of the nation’s leading developers/owners of community shopping centers.

Link to comment
Share on other sites

Williams Tower is a jewel in Gerald Hines's crown. The REIT may not be 100% Hines family-owned, but it is managed by Hines, and that management style is what has made it so successful. I think it is safe to say that it is in better hands with Hines than with many of the other REITs out there!

Edited by travelguy_73
Link to comment
Share on other sites

Williams Tower is a jewel in Gerald Hines's crown. The REIT may not be 100% Hines family-owned, but it is managed by Hines, and that management style is what has made it so successful. I think it is safe to say that it is in better hands with Hines than with many of the other REITs out there!

What do REITs normally do with their new properties?

also...

What do yall make of this chron comment? Does it hold any water?

Somethings not right. I heard the rumors around Jan. that they were selling the building but I Hines still owned it. Who is Fosterlane Holdings of Atlanta? The tax records still have Gearld D Hines Int. as the owner of record. And you're telling me that a Class AAA property like Transco traded for $271.5 million!!???!!?!?! Bank of America traded for like $350 million and its 500,000 sf smaller. And cap rates are between 5 and 7 percent right now, that would put the price of the building much closer to $400 million. Something smells fishy.
Edited by lockmat
Link to comment
Share on other sites

All the REIT is doing is holding it. At this point it looks like a strategic purchase, by someone's measure, and not a lot else. To me anyway.

You are exactly right. The only rumor I had heard (and this was during Fosterlane's ownership, not Hines) was that the empty lot across Post Oak would make a nice spot for a parking garage. The economics might not be there to support such a move, but parking is tight now that the building is full.

Link to comment
Share on other sites

  • 1 month later...

Any and All..... please inform us with any inside information about the seller (a holding company perhaps since 'Transco' has not existed since '95 or '99)'s reasoning for selling in a market like Houston's, currently...especially around 180$/ft (forgot the exact sq ftg for the building much less the land in the deal). I'd love to hear the story why (and when) Hines sold the building in the first place (and continued to have the management contract).

Link to comment
Share on other sites

It's not the second tallest building in Texas. It's not even the second tallest in Houston, it's the third. 1. Chase, 2. Wells Fargo 3. Transco/Williams. You would think that Hines would know their buildings better.

Edited by rsb320
Link to comment
Share on other sites

  • 1 month later...

I see that this is quite an old post and yet no one seemed to answer any of the questions.

First, this is my first official post on the forum, so hello.

Second, I work for Wachovia in the Williams Tower. The 1st, 2nd, 34th, and 35th floors are all leased by Wachovia Bank N.A.. The Texas regional President and all the midwest financial centers report to our little home of Houston. (We report directly to Charlotte from here) A.G. Edwards is based out of Galleria Tower II - 2700 Post Oak (Williams Tower is 2800 Post Oak), but Wachovia purchased the company and merged them with South Trust Bank forming ultimately Wachovia Securities, which is still based in 2700 Post Oak. Our operations are different, we just share a name.

Third, the Williams company is HUGE! I'm not sure if any of you have been inside the Williams Tower, but the 2nd floor elevators (the whole left bank) belong to Williams Corporation. ~ They lease beyond 50% of the building! Wachovia only takes up 2.5 floors....though Wachovia tower sounds cooler...definitely no name change.

Fourth, Hines (who built the tower & the galleria mall is headquartered here) repurchased the building back. Though Williams maintains naming rights, Hines is now the new building owner. CB Richard Ellis (also headquartered in the building) finished the transactions last month and announced they are selling off the Williams Waterfall and are planning to tear it down due to high operating costs. It's still unknown what they plan to do with the land, either sell it to adjacent Turnberry Towers, develop it or just keep it as a minimal walking park.

I'll keep you posted on what happens...

Edited by ndnuno
Link to comment
Share on other sites

CB Richard Ellis (also headquartered in the building) finished the transactions last month and announced they are selling off the Williams Waterfall and are planning to tear it down due to high operating costs.
...the land's probably too expensive not to do something with it.
Link to comment
Share on other sites

I'm sure it will connect to the delayed Turnberry Tower somehow. Turnberry's main advertising scheme is that they are adjacent to the Waterfall and provide amazing views.

They were filming a movie last week with Sean Penn and Brad Pitt at the site. Rumor has it they wanted a "less expensive" Central Park movie shot. Guess Williams Waterfall will due.

Link to comment
Share on other sites

It never seemed to me that the "Williams Tower" name took that well anyway. I usually would just refer to it as Transco and no one ever corrects that. People frequently still call the tall one downtown the Texas Commerce Tower, not JPMorganChaseBankOne whatever.

CB Richard Ellis (also headquartered in the building) finished the transactions last month and announced they are selling off the Williams Waterfall and are planning to tear it down due to high operating costs.

Yikes! :o

Link to comment
Share on other sites

They wouldn't get rid of the Water Wall...........would they?

If people rallied they way they did for the Riveroaks Theatre (Theater, whatever), there is NO WAY anyone in Houston is going to let Wachovia/Hines tear down the water wall. This is going to EASILY get 1000 X's more support.

Heck, I would incur a 0.05% increase in property taxes just to cover the operating and maintenace cost each year if the city could buy it back.

Trust me, there will be so much publicity on this, it will never happen. To many weddings, proposals, quincineras, and proms photos have been there, it is likely the most photographed place in Houston.

It won't happen.

waterwall.jpg

Link to comment
Share on other sites

Hi. Welcome to the forum. Just a couple of corrections.

(1) Williams does not occupy more than half of Williams Tower. Far from it. Williams actually leases approximately 250,000 square feet of the building's 1.5 Million square feet of rentable area (16%).

(2) There has been no announcement of plans to sell off or tear down the waterwall. If you have a source or evidence of such a plan, we'd all love to see it.

(3) Galleria Tower II is on Westheimer. The building at 2700 Post Oak is Galleria Tower I.

I see that this is quite an old post and yet no one seemed to answer any of the questions.

First, this is my first official post on the forum, so hello.

Second, I work for Wachovia in the Williams Tower. The 1st, 2nd, 34th, and 35th floors are all leased by Wachovia Bank N.A.. The Texas regional President and all the midwest financial centers report to our little home of Houston. (We report directly to Charlotte from here) A.G. Edwards is based out of Galleria Tower II - 2700 Post Oak (Williams Tower is 2800 Post Oak), but Wachovia purchased the company and merged them with South Trust Bank forming ultimately Wachovia Securities, which is still based in 2700 Post Oak. Our operations are different, we just share a name.

Third, the Williams company is HUGE! I'm not sure if any of you have been inside the Williams Tower, but the 2nd floor elevators (the whole left bank) belong to Williams Corporation. ~ They lease beyond 50% of the building! Wachovia only takes up 2.5 floors....though Wachovia tower sounds cooler...definitely no name change.

Fourth, Hines (who built the tower & the galleria mall is headquartered here) repurchased the building back. Though Williams maintains naming rights, Hines is now the new building owner. CB Richard Ellis (also headquartered in the building) finished the transactions last month and announced they are selling off the Williams Waterfall and are planning to tear it down due to high operating costs. It's still unknown what they plan to do with the land, either sell it to adjacent Turnberry Towers, develop it or just keep it as a minimal walking park.

I'll keep you posted on what happens...

Link to comment
Share on other sites

(2) There has been no announcement of plans to sell off or tear down the waterwall. If you have a source or evidence of such a plan, we'd all love to see it.

If they announce it, it will be when the ball and chain arrives.

They would be crazy to announce that beforehand. People will picket and protest it's destruction like crazy. I would take a day off work to help too.

Link to comment
Share on other sites

They wouldn't get rid of the Water Wall...........would they?

This is Houston, remember? <_<

They would be crazy to announce that beforehand. People will picket and protest it's destruction like crazy.

That was certainly effective in saving the River Oaks shopping center. Not.

Link to comment
Share on other sites

This is Houston, remember? <_<

That was certainly effective in saving the River Oaks shopping center. Not.

As nostalgic as the shopping center was, I don't considered it a historical landmark. The theater was the only thing worth saving. And even so, only fanboys would use that theater to see artsy movies, Rocky Horror, and the Academy Awards. I like my stadium seating movie theaters.

The waterwall is a completely different icon. It is a landmark on it's own, a beautiful modern masterpiece that was unfortunately built on private property.

The city should try to buy it before it is too late.

Link to comment
Share on other sites

My mistake -

Galleria Tower I is on Post Oak Boulevard (where Wachovia Securities is located) and Galleria Tower II is on Westheimer. Thank you for the correction.

As for Williams owning 50% of the building is a detail I learned from some Williams employees and the security guards, so again apologies if the number is inaccurate indeed. I'm not positive the occupancy is as little as 16% but I will give the benefit of the doubt to you rather than a rent-a-cop.

Lastly, the Waterfall being shut down hasn't been publicly announced yet. To my understanding, my clear understanding -- A client of mine who is part of the CB Richard Ellis transaction team for the Hines buy out mentioned the detail to me. He said Hines repurchased the building back but the deal still left the waterwall in question.

I will definitely find out more as soon as I can.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...