Bank of America Center

Houston, Texas

Active Investment

NRSF: 1,259,314
Acquisition Date: 8/16/2007
Status: Active

Bank of America Center is a 56-story office tower (“BOAC”) that was developed in 1983 and is located in Houston’s Central Business District. The office tower was designed by Philip Johnson and John Burgee and is recognized as an architectural icon and a fixture of the Houston skyline.

Opportunity

  • The asset required some repositioning due to deferred maintenance and a corresponding erosion of rental rates.
  • Acquisition price $100/SF below replacement cost.
  • Capitalize on BOAC’s competitive advantages which include its iconic status, located in the heart of the Theatre District, unobstructed views to the north and west, and historical high occupancy rates.
  • Bank of America Center is the most distinctive building on the Houston skyline with the most recognizable image and the most significant architecture in the city.
  • The CBD remains one of the stronger submarkets in the city, and direct occupancy levels have not really been affected by the declining energy prices.  Recent demand has been focused on the top tier buildings, including Bank of America Center.

Property Strategy

  • Maintain property as an iconic class AA asset to attract and retain highly quality tenants.
  • Exceed market expectations with excellent tenant-focused service.
  • Invest capital wisely in various improvement projects including elevator modernization, lobby refinements and the potential repositioning / reactivation of ground floor space previously occupied by a Western Union switch station.