Exxon Sells In Greenspoint
Houston’s most mentioned company (sometimes we say “Exxon” in our sleep), just sold Eight Greenspoint Plaza to Stream and AllianceBernstein in a sale-leaseback. (When the tenant doesn't change, everyone's happy except sign makers.)
Stream Craig McKenna and asset manager Logan Gilliland (who worked the acquisition with colleague Adam Jackson) tell us their team considers the 198k SF building the nicest in the Greenspoint submarket, and Greenspoint one of the most strategic locations in Greater Houston. (The most strategic is the Astros dugout just after a sacrifice bunt.) Logan says the partnership also likes the building’s in-place yields and excellent credit tenancy in Exxon.
Stream and AllianceBernstein (who have teamed up once before) will implement capital improvement upgrades, and Logan says long-term plans include “leasing focused on backfilling any future vacant space.” (Who knows when… everyone’s mum on how long Exxon plans to stick around.) JLL managing director Rudy Hubbard and VP Kevin McConn repped seller Exxon, and international director Ronnie Deyo, managing director Paul House, and VP John Ream arranged financing for Stream/AllianceBernstein.