On behalf of a partnership between Contrarian Capital Management and Cameron Management, JLL’s Capital Markets experts today announced the firm has secured $52.8 million to refinance the historic Esperson in downtown Houston. MetLife Investment Management provided the loan that replaces maturing debt on the building.

Executive Managing Director Tom Melody, Managing Director Paul House, Senior Vice President John Ream and Associate Connor Harrell led the JLL team on the transaction.

“The cost of debt remains attractive to owners and we’re seeing lenders very active in the Houston market,” House said. “Backed by strong, experienced ownership and as one of the only historic office buildings in downtown Houston, Esperson presented lenders with a one-of-a-kind opportunity.”

The approximately 600,000-square-foot Esperson is comprised of two buildings that were originally built separately: the 32-story Niels Esperson building, built in 1927, and the 19-story Mellie Esperson building, built in 1941. The buildings were connected in the 1950s and today encompass an entire city block bound by Walker Street, Rusk Street, Milam Street and Travis Street.

Since acquiring Esperson in 2012, Contrarian Capital Management and Cameron Management have completed approximately $11 million in capital improvements. The building offers state-of-the-art upgrades while showcasing historic design features including original floors, finishes and wall elements.

Esperson has direct tunnel access and is centrally located to downtown Houston’s amenity base including restaurants, hotels, shops, services and public transportation. The building features a mix of tenants from energy, law and banking sectors with no industry accounting for more than 20 percent of the tenant base.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com