a towering new look

Houston's tallest building towers with sleek updates and new name

The tower formerly known as 600 Travis is readying for big changes.

Rendering courtesy of Hines

Texas’ tallest tower, which stands boldly in downtown Houston, is for makeover and name change. Global real estate powerhouse, Hines, announced that 600 Travis Street will now be known as JPMorgan Chase & Co. Tower. The naming comes as JP Morgan Chase takes over as the building’s anchor tenant, according to a press release.

Downtown regulars may recall that the structure was called JP Morgan Chase Tower until 2006.

Designed by the prestigious, New York-based I.M. Pei & Partners, the five-sided, polished gray granite tower boasts more than 1.7 million square feet and stands 75 stories — making it the tallest tower in the state. Meanwhile, neighboring 601 Travis, with some 407,896 square feet, features a 7,000-square-foot fitness center, a 280-seat auditorium, and 12 floors of parking.

Both buildings have been managed by Hines for more than 30 years; Hines originally developed the tower in 1982 for Texas Commerce Bancshares, which would later become JPMorgan Chase & Co.

In 2019, Hines and affiliate firm Cerberus Capital Management, L.P. reacquired both the 600 and 601 Travis Street buildings in 2019. Planned improvements include significant updates to the first and second floor lobbies, access to the tunnels, and the exterior plaza, per a release.

Also on tap are connected, collaborative workspaces and enhancements to other building common elements, a state-of-the-art conference center, including the lobby level with a large gallery space. The revitalization comes courtesy of HOK.

As part of the move, JPMorgan Chase will relocate its Houston Technology Center to the Tower from 1111 Fannin.

The tower plaza area will be transformed into an urban garden featuring increased green space and more connections between the outdoors and the building. In a nod to the building’s iconic history, the lobby will sport a new glass pyramid entry, inspired by the Louvre Museum in Paris.

A sky lobby on the 60th floor will be transformed into an exclusive “sky lounge” for tenants. Renovations are currently underway with completion slated for September, per a release.

Familiar to all who pass through downtown, the largest Joan Miró sculpture ever commissioned, Personage and Birds, will remain onsite.

downtown high-rises

rent report

New report reveals how many Texans are paying too much for rent

Photo by Francesca Tosolini on Unsplash

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Millions of Texas renters, both current residents and new arrivals, suffer from wallet whiplash.

A new report from the Texas Affiliation of Affordable Housing Providers shows 45 percent of the state’s renters spend more than 30 percent of their income on housing. Renters occupy more than 4.2 million Texas households, representing nearly half of the state’s residents.

Worse yet, 81 percent of extremely low-income households in Texas spend more than 50 percent of their income on housing, the report says. For that income group, Texas has a shortage of 864,000 affordable homes.

Thirty percent is the standard financial benchmark for spending too much income on rent, while 50 percent puts a renter in the “severely cost-burdened” bucket.

“To sustain growth and secure future prosperity, Texas will need more than 320,000 additional affordable homes [rented and owned] to address workforce housing affordability and meet the demands of a growing population,” says the report.

“Today, the state is creating thousands of new jobs,” the report adds, “but housing supply has not kept pace with demand, driving up housing costs and constraining continued economic growth.”

Not surprisingly, people who live in or move to three of Texas’ biggest metro areas get hit with the state’s highest apartment rental rates. Here’s Apartments.com’s list of the 10 most expensive places for renters in Texas, based on apartments whose average size ranges from 713 square feet in Austin to 771 square feet in Plano:

1. Frisco — $1,477 per month
2. Plano — $1,461 per month
3. Austin — $1,417 per month
4. Dallas — $1,413 per month
5. McKinney — $1,363 per month
6. Grand Prairie — $1,327 per month
7. Irving — $1,318 per month
8. Garland — $1,237 per month
9. Fort Worth — $1,217 per month
10. Houston — $1,183 per month

San Antonio boasts some of the lowest average rent among Texas’ 10 most affordable markets: $1,075 per month. Mesquite, a Dallas-Fort Worth suburb, also fits into that category, with average monthly rent of $1,052.

Earlier this month, Gov. Greg Abbott announced more than $114 million in grants to help develop or rehabilitate properties, providing more than 4,400 affordable rental units.

“As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive,” Abbott says.

rent prices report apartments

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rent report

New report reveals how many Texans are paying too much for rent