PARK TOWERS

Park Towers is comprised of two twin office towers located at the Northeast corner of Interstate 610 and Post Oak Boulevard in the Galleria/West Loop Office Sub-Market in Houston. Each 18-story office tower contains 272,621 rentable square feet with 22,250 square-foot floor-plates.  The total rentable square feet for both towers is 545,242.  The buildings are currently 99% occupied, with the only vacant space being unusable corridor space and/or janitorial storage closet space. Constructed during 1972-1973, Park Towers was developed as a state-of-the-art asset on Interstate 610, one of the first significant freeways developed in Houston.  This traffic artery provides 360 degree access to all sections of Houston. Numerous Houston landmark companies including Tenneco, Halliburton, and Philadelphia Life, have each called the original Park Towers their home at one point.

Ownership of Park Towers changed over time.  PREIA, a Belgium pension fund was the most recent past owner of Park Towers.  Maintaining its ownership through the real estate decline in the late 1980s, in 1987, PREIA surrounded Park Towers with a chain-linked fence. The properties remained vacant for over 11 years.

Against the advice of many real estate investors and professionals claiming that there was no money to be made, TPMC embarked on its mission to redevelop Park Towers.  The Company purchased Park Towers for $7 million in 1997 using 100% acquisition financing.  In 1998, TPMC obtained a loan to fund the redevelopment and to pay off the acquisition note.  The ambitious redevelopment included stripping the building down to its poured-in-place concrete, environmental remediation, new curtain walls, new elevators, new HVAC system, and more.  The towers were ultimately rebuilt into what today is one of the finest trophy Class A assets in the Houston Galleria/West Loop sub-market.

Park Towers re-opened its doors in January 2000, with the first tenant occupying its space in the North Tower.  Despite negative absorption that lasted for more than three years following the redevelopment, TPMC was successful in leasing the buildings, reaching an 80% occupancy rate in 2003. 

In January 2008, TPMC established a joint venture with a global insurance company to purchase Park Towers and Innova.  As part of the joint venture, TPMC retained the management of Park Towers and is the decision making member of the joint venture. 

Park Towers’ tenant base includes several credit tenants including General Electric, Net IQ, Cameron International, United Healthcare, Prudential Insurance Company of America, Administaff and others.