1111 FANNIN - res.cloudinary.com€¦ · 1111 Fannin (the “Property), a 17-story,...
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EXECUTIVE SUMMARY 1111 FANNIN HOUSTON, TEXAS
Transcript of 1111 FANNIN - res.cloudinary.com€¦ · 1111 Fannin (the “Property), a 17-story,...
E X E C U T I V E S U M M A R Y
1111FANNIN
H O U S T O N , T E X A S
JLL, as the exclusive representative of the owner, is pleased to offer for sale 1111 Fannin (the “Property), a 17-story, 428,629-square-foot office building in Houston’s Central Business District.
The building was constructed in 1971 and is currently 100% leased to JP Morgan
Chase on an absolute net basis through September 2021. 1111 Fannin features
efficient, rectangular, center-core floor plates, direct destination elevators,
podium parking with a 1:1,000 parking ratio and is located in the heart of
Houston’s CBD with excellent access and walkability. Potential investors will have
the benefit of approximately one year of cash flow backed by an investment-
grade tenant in addition to acquiring an incredibly well located building at the
fraction of replacement cost.
T H E O P P O R T U N I T Y
PROPERTY SUMMARY
ADDRESS 1111 Fannin St, Houston, TX 77002PERCENT LEASED 100%NET RENTABLE AREA 428,629 Square Feet (440,983 Gross Square Feet)
116,040 - Garage Square FeetTENANT JP Morgan ChaseLEASE EXPIRATION DATE September 31, 2021LAND AREA 0.5105 Acres Fee Simple
0.2657 Acres Leasehold0.7762 Acres Total
YEAR BUILT 1971FLOORS 17 Above Grade; 1 Below GradeTYPICAL FLOOR PLATE 31,500 SFPARKING RATIO 1.1 / 1,000 SF
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O P P O RT U N I T Y ZO N E
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act of 2017
in an effort to reduce taxes, stimulate the economy, and spur job growth.
Through this act, the Opportunity Zone program was created, and allows
investors to roll capital gains tax liabilities into new investments on a tax-
deferred basis through Qualified Opportunity Funds. The TCJA Act allows
a tax payer 180 days in which to reinvest capital gains into a Qualified
Opportunity Fund, which allows tax payers to defer capital gains tax until
the “Recognition Date,” which is the earlier of, the date the Opportunity
Zone property is disposed of, or December 31, 2026.
Furthermore, a taxpayer can elect to step up the basis in the QO Fund to
fair market value and not pay any income tax on the gains received while
invested in the QO Fund as long as the investment is held for at least 10
years. The taxpayer has until December 31st, 2047 to dispose of the property
and realize this benefit, allowing for disposition flexibility. In the case of an
existing asset which is purchased within a Qualified Opportunity Zone, an
additional investment in excess of the original improvement basis (purchase
price less land value) must be made within a 30-month period in order to
qualify for the Opportunity Zone Program.
Houston is one of only two cities in the country whose entire CBD is
designated as a Qualified Opportunity Zone, and therefore an investment
in 1111 Fannin allows the purchaser to take advantage of this program and
defer or avoid paying capital gains tax. In order to qualify, the purchaser
must make additional investments into the property that exceed the value
of the properties improvements. Given the capital improvement needs
associated with future tenant improvement dollars required upon JP Morgan’s
expiration or renewal, the likelihood of exceeding the improvement basis
is achievable, allowing for significant future tax savings.
S I G N I F I C A N T U P S I D E P OT E N T I A L AT
E X T R E M E LY AT T R AC T I V E B A S I S
1111 Fannin offers investors a very rare opportunity to purchase an extremely
well-located CBD office building significantly below replacement cost. The
Property is currently 100% leased to JP Morgan Chase (Moody’s: A2) on an
absolute net basis through September 2021, providing stable cash flow
backed by investment-grade credit for ~1 year of the hold period. Over
the course of their twenty six year tenure at the Property, JP Morgan has
installed certain building components, along with others that were original
to the building, that differentiate 1111 Fannin from its competition. These
improvements include three Cummins diesel-fired back-up generators,
and numerous security components, an uninterruptible power supply
(UPS) with fully redundant power.
I N V E S T M E N T H I G H L I G H T S
05
E N V I A B L E LO C AT I O N I N H E A RT O F C B D
The Building is ideally located in the heart of Houston’s CBD, which commands
the highest rents in the City. 1111 Fannin is in an ideal location to benefit from
the recent expansion and invested capital of surrounding developments and
redevelopment projects. The Property is less than one block from Houston
Center, a 4.2 million square foot mixed-use development purchased by
Brookfield in 2017 which includes a 190,000 square foot retail center with
restaurants and other amenities. The complex is currently undergoing
a $150 million redevelopment, and is directly across Dallas street from
GreenStreet, a 420,000 square foot mixed-use development encompassing
four city blocks, and is also undergoing a multi-million dollar renovation.
Situated on the corner of Dallas and Fannin, 1111 Fannin provides easy
access to Houston’s highway system as it is centrally located between IH-
10, IH-45 and IH-69. Access to the city’s METRO Light Rail, Greenlink Bus
System and dedicated bike lane are all within one block of the property.
With a Walk Score of 95 and a Ride Score of 96, the site’s convenient location
within the CBD offers multiple commuting options for tenants residing
outside of downtown. Additionally, the downtown urban infill location is
surrounded by the highest number of Fortune 1000 locations (16), and has
seen a dramatic increase in residential population through the Downtown
Living Initiative.
E F F I C I E N T D E S I G N W I T H D I R EC T T U N N E L
AC C E S S A N D Q UA L I T Y A M E N I T I E S
Featuring a podium-style design with rectangular, center-core floor plates
that average 31,500 square feet, tenants at 1111 Fannin are afforded efficient
and flexible use of space. Current floor plates are laid out for both single and
multi-tenant use to accommodate companies with larger space needs but
can be easily demised for smaller companies that desire institutional-quality
office space in a prime CBD location. Direct tunnel access in Houston’s CBD
district is essential for leasing appeal and provides an expansive amenity
base for tenants. This 7.5 mile long network of subterranean, climate
controlled, pedestrian walkways links 95 full city blocks and offers over
400,000 square feet of retail space. One block from 1111 Fannin is the
Shops at Houston Center, a 190,000 square foot retail center with shops,
a food court and four restaurants. Directly across Dallas St is GreenStreet,
a 420,000 mixed use development currently undergoing a multi-million
dollar renovation that features Hotel Alessandra, a 223-room luxury
hotel, high-end fitness chain, Life Time, and numerous other amenities
and attractions. Additional on-site features and amenities include: on-
site parking garage with a 1.1 per 1,000 parking ratio, guest, reserved/
unreserved covered parking; secure and controlled access to tunnel system
retail and restaurant amenities; distinctive ground floor entrances off of
the corner of Dallas and Fannin streets; striking white marble and black
granite exterior; floor-to-ceiling windows with views of Houston CBD in
all directions; six destination dispatch elevators; efficient air conditioning
and heating systems to maximize comfort on each floor; fully redundant
power with back-up generators and Uninterpretable Power Supply; ground
floor deli; card key access; on site conference/training facility; and 24/7
on-site security.
U N M ATC H E D I N F R A S T RU C T U R E A N D T EC H N O LO GY
1111 Fannin is currently 100% leased to JP Morgan Chase and houses
various branches including private banking, energy trading, the financial
technology center and some administrative and executive offices. JP
Morgan Chase requires a high level of security, redundant power and
significant connectivity, among other features, and because of the absolute
net lease structure, the tenant is fully responsible for all components of the
building. Over the course of its 26-year occupancy, the tenant has made
various improvements to the building, most notably the installation of an
uninterpretable power supply (UPS), which prevents any disturbance to
the tenants’ operations and provides redundant backup power to every
desktop in the building. Additionally, there are multiple diesel-fired backup
generators each supported by diesel fuel tanks with abundant capacity for
server rooms. 1111 Fannin has infrastructure and technology in place that
differentiates it from almost every other building in downtown Houston
and allows the Property to cater to a wide variety of tenant needs.
LO C AT ED I N T H E EP I C EN T ER O F D OW N TOW N D E V ELO P M EN T
Downtown began its renewal in the mid-1990s, and since then, nearly $8.5
billion of buildings, parks and infrastructure have been completed, with
another estimated $1 billion underway. Office buildings have accounted
for an estimated 30% of this development activity, followed by multifamily
(19%), entertainment/mixed-use/other (19%), civic/government (18%), and
hospitality (15%). Perhaps even more impressive is that since 2002 – nearly
1/3 or $2.3 billion – of the development that has occurred has taken place
within 2 blocks of 1111 Fannin. The success of two of Houston’s most beloved
urban parks – Discovery Green and Market Square – have been heavily
credited with being the economic catalysts for growth in the eastern and
northern end of downtown Houston.
I N V E S T M E N T H I G H L I G H T S
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S I T E P L A N
P R O P E R T Y O V E R V I E W
FEE SIMPLE(0.33 ACRES)
FEE SIMPLE(0.18 ACRES)D A L L A S S T R E E T
L A M A R S T R E E TPA R K I N G G A R A G E
GROUND LEASE
(0.27 ACRES)
FAN
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ST
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The L-shaped, 0.2657 acre (11,572 sf) site is subject to a 99-year ground lease with nearly 47
years remaining (expires in December 2066). The rate today is currently $2,199.79 per month
stepping 5% the first of every 10 years with the next step set for January 1, 2028.
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AVENIDAS DE LAS AMERICAS
CHARTRES
ST. EMANUEL
HUTCHINS
BASTROP
EMANCIPATION
ST. CHARLES
BAGBY BAGBY
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HAMILTON HAMILTON
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George R. BrownConvention CenterGeorge R. Brown
Convention Center
DiscoveryGreen
RootMemorial
SquareSisters of Charity
Park
BBVA CompassStadium
BBVA CompassStadium
ToyotaCenterToyotaCenter
Holiday InnExpress
Holiday InnExpress
HiltonAmericas
HotelGarage
HiltonAmericas
HotelGarage
HiltonAmericas
Hotel
HiltonAmericas
Hotel
TundraGarageTundraGarage
FourSeasons
FourSeasons
First CityTower Garage
First CityTower Garage
1111Fannin
1111Fannin
GreenstreetGreenstreet
Marlowe(U/C)
Marlowe(U/C)
HoustonCollege of Law
HoustonCollege of Law
1301Fannin1301
Fannin1415 Fannin
Garage1415 Fannin
Garage
AT&TBuilding
AT&TBuilding
BrownBook Shop
BrownBook Shop
Block 334ApartmentsBlock 334
Apartments
800 Bell800 Bell
1500 Louisiana
Garage
1500 Louisiana
Garage
ExxonGarageExxon
GarageKBR GarageKBR Garage
TellespenYMCA
TellespenYMCA
BeaconsfieldCondos
BeaconsfieldCondos
Skyhouse MainApartments
Skyhouse MainApartments
Archdiocese ofGalveston-
Houston
Archdiocese ofGalveston-
Houston
CathedralCentre
CathedralCentre
1711 CarolineApartments
(U/C)
1711 CarolineApartments
(U/C)
KBR TowerKBR Tower600 Jefferson600 JeffersonMcKinneyLeland
Federal Building
McKinneyLeland
Federal Building
500Jefferson
500Jefferson
The WhitehallHouston HotelThe WhitehallHouston Hotel
1600 SmithGarage
1600 SmithGarage
1600 Smith1600 Smith
Allen CenterGarage
Allen CenterGarage
MetropolitanGarage
MetropolitanGarage
ChevronTwo
ChevronTwo
1401 SmithGarage
1401 SmithGarage
1400 LouisianaGarage
1400 LouisianaGarage
ChevronOne
ChevronOne
AntiochBaptistChurch
AntiochBaptistChurch
AthensHotel & Suites
AthensHotel & Suites
PeacockApartments
PeacockApartments
GreenstreetGarage
GreenstreetGarage
1300Main1300Main
First UnitedMethodist
Church
First UnitedMethodist
Church
TravisGarageTravis
Garage
777 ClayGarage
777 ClayGarage
WedgeInternational
Tower
WedgeInternational
Tower
1010 Lamar1010 Lamar
1111 Travis(Hilcorp)
1111 Travis(Hilcorp)
1111 TravisGarage
1111 TravisGarage
CenterpointEnergy
CenterpointEnergy
1100Louisiana
1100Louisiana
1100 SmithGarage
1100 SmithGarage
HeritagePlaza
HeritagePlaza
DoubleTreeHotel
DoubleTreeHotel
One AllenCenter
One AllenCenter
Two AllenCenter
Two AllenCenter
Three AllenCenter
Three AllenCenter
HyattRegency
Hotel
HyattRegency
Hotel
TotalPlazaTotalPlaza
HPDHeadquarters
HPDHeadquarters
RegencyGarage
RegencyGarage
St. JosephMedical Center
St. JosephMedical Center
MinuteMaidPark
MinuteMaidPark
MarketSquare
Park
TranquilityPark
Sam HoustonPark
BayouPlaceBayouPlaceCity HallCity Hall
JonesHall
JonesHall
600Travis
600Travis
601Travis
601Travis
609Main609
Main
St. GermainLofts
St. GermainLofts
The Joneson Main
The Joneson Main
CapitalTowerCapitalTower
PennzoilPlace
PennzoilPlace
700Louisiana
700Louisiana
LanierPublicWorks
LanierPublicWorks
811Louisiana
811Louisiana
The EspersonThe Esperson
WalkerGarageWalkerGarage
JWMarriott
JWMarriott
BG GroupPlace
BG GroupPlace
LeMeridien(U/C)
LeMeridien(U/C)
KirbyLoftsKirbyLofts
McKinneyGarage
McKinneyGarage
CommerceTower
CommerceTower
919Milam
919Milam
One Shell Plaza
One Shell Plaza
Wells FargoPlaza
Wells FargoPlaza
KinderMorganTower
KinderMorganTower
TravisPlace
Garage
TravisPlace
Garage
1001 Fannin1001 Fannin
1001 McKinney1001 McKinney
OnePark Place
OnePark Place
EmbassySuites
EmbassySuites
PacificoSite
PacificoSite
1000Main1000Main
One CityCentre
One CityCentre
JuliaIdesonLibrary
JuliaIdesonLibrary
PublicLibraryPublicLibrary
RuskGarage
RuskGarage
HoustonCenter
Garage 1
HoustonCenter
Garage 1
Hess GarageHess
GarageHess TowerHess Tower
5 HoustonCenter
5 HoustonCenter
MarriottMarquisMarriottMarquis
Bob CaseyU.S.
Courthouse
Bob CaseyU.S.
Courthouse
Club QuartersHotel
Club QuartersHotel
GreatSouthwest
Building
GreatSouthwest
BuildingHSPVA(U/C)
HSPVA(U/C)
U.S.Customs
House
U.S.Customs
House
The Star(U/C)
The Star(U/C)
WestinHouston
Downtown
WestinHouston
Downtown
HaliburtonPlaza
HaliburtonPlaza
UniionStationUniionStation
500 Crawford500 Crawford
Catalyst(U/C)
Catalyst(U/C)
UrbanLeagueUrban
League
ChristChurch
Cathedral
ChristChurch
Cathedral
Dunn Center/Episcopal
Diocese of Texas
Dunn Center/Episcopal
Diocese of Texas
D’GeorgeD’George
1414Congress
1414Congress Harris County
GarageHarris County
Garage
Harris CountyCivil Court
House
Harris CountyCivil Court
House
Harris CountyJury AssemblyHarris CountyJury Assembly
HarrisCounty1910
Courthouse
HarrisCounty1910
Courthouse
Harris CountyAdmin BuildingHarris County
Admin Building CongressPlaza
CongressPlaza
Harris CountyFamily
Law Center
Harris CountyFamily
Law Center Harris CountyCriminalJustice Center
Harris CountyCriminalJustice Center
1301Commerce
1301Commerce
PartnershipTower(U/C)
PartnershipTower(U/C)
IncarnateWord
Academy
IncarnateWord
Academy
AnnunciationCatholicChurch
AnnunciationCatholicChurch
AlexanDowntown
AlexanDowntown
MagnoliaHotelMagnoliaHotel
KeystoneLofts
KeystoneLofts
JonesPlazaJonesPlaza
AlleyTheater
AlleyTheater
WorthamCenter
WorthamCenter
Universityat HoustonDowntown
Universityat HoustonDowntown
917 Franklin917 FranklinHotelIconHotelIcon
FoleyBuilding
FoleyBuilding
MarketSquareTower
MarketSquareTower
MajesticMetro
MajesticMetro
MarketSquareGarage
MarketSquareGarage
HoustonBallet Center
for Dance
HoustonBallet Center
for DanceLyric
CenterLyric
Center
HoggPalaceHogg
Palace717 Texas717 Texas
ArisMarketSquare(U/C)
ArisMarketSquare(U/C)
The Sam
HoustonHotel
The Sam
HoustonHotel
The RiceLofts
The RiceLofts
HermannLofts
HermannLofts
Bayour LoftsBayour Lofts
FranklinMilamGarage
FranklinMilamGarage
4HoustonCenter
& The Shops
4HoustonCenter
& The Shops
2HoustonCenter
2HoustonCenter
LyondelBasselTower
LyondelBasselTower
FulbrightTower
FulbrightTower
GREEN STREET
KINDER HIGH SCHOOL FOR THE PERFORMING
AND VISUAL ARTS (HSPVA)
10
10
MINUTE MAID PARK
DISCOVERY GREEN
ONE PARK PLACE
THE SHOPS ATHOUSTON CENTER
TOYOTA CENTER
GEORGE R BROWNCONVENTION CENTER
BBVA COMPASS STADIUM
MARRIOTTMARQUIS
FOUR SEASONS
HOTEL ALESSANDRA
HILTON AMERICAS HOTEL
HOBBY CENTER OF THE PERFORMING ARTS
MARKET SQUARE TOWER
SKYHOUSE
1111FANNIN
GREEN STREET
KINDER HIGH SCHOOL FOR THE PERFORMING
AND VISUAL ARTS (HSPVA)
10
10
MINUTE MAID PARK
DISCOVERY GREEN
ONE PARK PLACE
THE SHOPS ATHOUSTON CENTER
TOYOTA CENTER
GEORGE R BROWNCONVENTION CENTER
BBVA COMPASS STADIUM
MARRIOTTMARQUIS
FOUR SEASONS
HOTEL ALESSANDRA
HILTON AMERICAS HOTEL
HOBBY CENTER OF THE PERFORMING ARTS
MARKET SQUARE TOWER
SKYHOUSE
1111FANNIN
MINUTE MAID PARK
DISCOVERY GREEN
ONE PARK PLACE
TOYOTA CENTER
GREENSTREET
GEORGE R BROWNCONVENTION CENTER
BBVA COMPASS STADIUM
HILTON AMERICAS HOTEL
MARRIOTTMARQUIS
J.W.MARRIOTT
FOUR SEASONS
10
10
CHEVRON I & II
1000 MAIN
BG GROUP PLACEHILCORP TOWER
METRO HQ
1111FANNIN
Property Type Building Dev YrOffice CenterPoint Energy Building 1996
Civic / Government University of Houston-Downtown 1997Mixed-Use Bayou Place - Phase I 1997
Multi-Family Post Rice Lofts 1998Mixed-Use Minute Maid Park 2000Office 1001 McKinney - Redevelopment 2000
Mixed-Use Bayou Place Expansion 2000Office 1500 Louisiana and Parking Garage 2001
Mixed-Use Hobby Center for the Performing Arts 2002Multi-Family Commerce Towers - Redevelopment 2002
Office 5 Houston Center 2002Civic / Government GRB Convention Center - New Development (2003) 2003
Mixed-Use Toyota Center 2003Hospitality Hilton Americas Houston 2003Hospitality Magnolia Hotel - Redevelopment 2003
Multi-Family Franklin Lofts 2003Office 1000 Main 2003Office 717 Texas 2003
Mixed-Use Houston Pavilions Development (GreenStreet) 2003Civic / Government METRORail Red Line (Downtown Portion - initially) 2004Civic / Government UH-Downtown - new bldg - urban teacher ed / crim jus 2004Civic / Government Willow Street Pump Station 2004
Hospitality Westin Houston Downtown - Redevelopment 2004Hospitality Club Quarters Hotel 2004
Civic / Government Downtown/Midtown Transit Project 2005Office Metro Administration Bldg / Downtown Transit Center 2005
Civic / Government Harris County Civil Justice Center 2006Civic / Government UH-Downtown - Academic Bldg & Parking Garage 2007
Mixed-Use Bayou Place - Redevelopment (Phase II) 2007Civic / Government Discovery Green 2008
Multi-Family One Park Place 2009Civic / Government Harris County 1910 Courthouse 2011
Mixed-Use Houston Ballet Center for Dance 2011Hospitality Embassy Suites Hotel 2011Office BG Group Place 2011Office Hess Tower 2011
Hospitality Springhill Suites - Redevelopment 2014Multi-Family SkyHouse Houston 2014
Civic / Government UH-Downtown - Welcome Center & Garage 2015Hospitality JW Marriott - Redevelopment 2015Hospitality Marriott Marquis 2016Hospitality Hampton Inn / Homewood Suites 2016
Multi-Family SkyHouse Main 2016Multi-Family 500 Crawford Apartments 2016Multi-Family Block 334 2016
Office Hilcorp Tower 2016Office Partnership Tower 2016
Civic / Government GRB Convention Center - New Development (2017) 2017Hospitality Le Méridien 2017Hospitality Aloft Hotel - Redevelopment 2017Hospitality Four Seasons - Renovations 2017Mixed-Use GreenStreet + Hotel Alessandra 2017
Multi-Family Market Square Tower 2017Multi-Family Aris Market Square 2017Multi-Family Catalyst 2017Multi-Family The Star 2017Multi-Family Alexan Downtown 2017Multi-Family Eighteen25 2017Multi-Family 1711 Caroline 2017
Office 609 Main 2017Office Allen Center + The Met - Renovations 2017
Civic / Government Kinder High School for the Performing and Visual Arts 2018Hospitality AC Hotel by Marriott - Redevelopment 2018
Multi-Family Marlowe 2018Office Bank of America Tower 2019Office Texas Tower 2021
Multi-Family The Preston 2021
LANDMARK DEVELOPMENT FROM 1996 - PRESENT
Civic/GovernmentOffice Multi-Family Mixed-Use Hospitality
H O U S T O N C B D O V E R V I E W
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MINUTE MAID PARK
DISCOVERY GREEN
ONE PARK PLACE
TOYOTA CENTER
GREENSTREET
GEORGE R BROWNCONVENTION CENTER
BBVA COMPASS STADIUM
HILTON AMERICAS HOTEL
MARRIOTTMARQUIS
J.W.MARRIOTT
FOUR SEASONS
10
10
CHEVRON I & II
1000 MAIN
BG GROUP PLACEHILCORP TOWER
METRO HQ
1111FANNIN
13
9 Greenway Plaza, Suite 700Houston, Texas 77046T. (713) 852-3500F. (713) 527-8725us.jll.com
INVESTMENT ADVISORY
H. DAN MILLER, CCIM, SIORSenior Managing DirectorT. (713) [email protected]
MARTIN T. HOGANSenior DirectorT. (713) [email protected]
ETHAN GOLDBERGAnalystT. (713) [email protected]
FINANCING INQUIRIESWALLY REIDSenior Managing DirectorT. (713) [email protected]
Copyright © Jones Lang LaSalle IP, Inc. 2020Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property [properties] to market it [them] for [sale] [lease]. Information concerning the property [properties] described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved.
