2M SF Greenspoint Portfolio Finds New Owner
The six-building Greenspoint Office complex was purchased from Northwestern Mutual by Lincoln Property. Details were not disclosed. With the acquisition, Dallas-based Lincoln Property will control roughly 11M SF in Houston.
The asset never recovered from Exxon's move to its Springwoods campus, and was turned over to the lender in July 2016. The asset is 40% occupied, on par with the overall availability of Class-A office space in the area.
NorthMarq Capital’s Warren Hitchcock and Bill Haley advised Lincoln Property on the purchase and capitalization of the Greenspoint Place Office Campus.
The deal is another sign of increased interest in the depressed area. Last week, news broke of deals happening at Greenspoint Mall. With a new name, North Houston District, the area could be on track to reverse its reputation.