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Debt & Equity

Beacon JV lands $240M BoA tower loan

Bank of America Tower

PGIM Real Estate Finance has arranged $240 million acquisition financing for the Bank of America Tower, a 35-story Class ‘AA’ office property located in downtown Houston.

The financing was arranged on behalf of a joint venture partnership between Beacon Capital Partners, Skanska USA, and an institutional investor.

The 780,300 s/f tower, which is 90 percent leased and anchored by Bank of America and Waste Management, is situated within the West of Main neighborhood in downtown Houston. The area is home to 73 percent of the largest employers in the city’s central business district.

Developed by Skanska, Bank of America Tower features a tenant lounge, 9,000 s/f culinary market, 20,000 s/f SkyPark green roof, and 7,000 s/f fitness facility.

The underground retail space is partially exposed with 40 ft. ceilings to the ground-level lobby and the property’s efficient building systems have helped it garner a LEED Platinum Level 4 designation, making it one of only three properties in the country to do so.

“This newly developed trophy asset has set a new standard for incorporating high-end amenities into an office property that allow corporate tenants to offer employees areas for collaboration and leisure, without having to sacrifice their traditional workspace,” said Tom Goodsite, PGIM Real Estate Finance’s managing director, who led the transaction on the firm’s behalf.

“We were glad to have had the opportunity to work with the buyers on this transaction and accommodate an accelerated closing timeline of just 11 days.”

The financing assignment was led by Eastdil Secured.

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