HOUSTON — Interra Capital Group has acquired Greenway Plaza, a 4.5 million-square-foot office district and mixed-use development located in southwest Houston. The seller and sales price were not disclosed, but past owners have included Parkway and Cousins Properties.
Developed in the late 1960s, Greenway Plaza spans approximately 53 acres and features 11 office towers and is among the largest infill mixed-use business campuses in the United States, according to a press release issued by Interra.
“This is a generational asset with unmatched scale, a premier infill location [with] tremendous long-term potential,” says Jack Polatsek, CEO of Interra Capital Group. “We are proud to acquire Greenway Plaza and are committed to making the investments necessary to enhance the campus and strengthen its position as one of the market’s leading business destinations.”
“This acquisition is about stewarding a campus that has played an important role in Houston for decades and repositioning it for the future,” adds Anita Kundaje, Interra’s commercial real estate acquisitions manager. “We see tremendous opportunity to unlock value through disciplined execution, creative vision and a deep commitment to the market.”
Interra plans to pursue an active ownership and asset management strategy that will be focused on operations, tenant engagement, leasing execution and long-term repositioning. In addition, the Houston-based investment firm has tapped CBRE to oversee leasing efforts at Greenway Plaza.
In addition to the office component, Greenway Plaza is home to a DoubleTree by Hilton hotel, as well as condominiums, retail space, a food court, the Primrose School, coworking spaces and a 90,000-square-foot Life Time fitness club.
Various office tenants at the master-planned development include Occidental Petroleum, Invesco, SunStrong Management, CannonDesign and Bank of America.
Greenway Plaza also encompasses multiple restaurants and eateries such as Fusion Eats, Nestlé Toll House Café, Antone’s, Greenway Coffee, LuLu’s Mediterranean, Texas Chicken Express, burger-chan and Tony’s, a fine-dining standalone Italian restaurant.
— Abby Cox