Interra Buys 4.5M SF Greenway Plaza Office Campus In Receivership Sale
Greenway Plaza, the prominent 53-acre mixed-use office campus in Houston’s Inner Loop that has been in receivership for years, has a new owner.
Interra Capital Group acquired the 4.5M SF campus and appointed CBRE to lease it, the Houston-based boutique private equity firm announced Friday. The sale follows years of special servicing and receivership for a $465M loan.
“This acquisition is about stewarding a campus that has played an important role in Houston for decades and repositioning it for the future,” Interra Capital Group’s Anita Kundaje said in a statement. “We see tremendous opportunity to unlock value through disciplined execution, creative vision, and a deep commitment to the market.”
Greenway Plaza was previously owned by a venture between CPP Investments, Nuveen Real Estate and Silverpeak Real Estate Partners.
Parkway Property Investments had owned 51% of the joint venture prior to its acquisition by the Canadian Pension Plan Investment Board in 2017, and Parkway had managed the property until the court-appointed receiver, Trigild, selected new management and leasing agents in November 2023.
The ownership venture was unable to refinance the $465M loan when it matured in May 2022, and the loan was transferred to special servicing in July 2022, according to special servicer comments. In 2023, the joint venture was no longer able to perform under a forbearance agreement, which initiated a consensual receivership.
The loan has been paid down to $416.2M with excess cash flow, according to special servicer comments from this year. The comments indicate the property received cash offers and offers subject to the assumption of the existing debt.
After nearly a year of negotiations with a “qualified buyer,” the property was under contract in February with the assumption of the full debt with a maturity extension.
Lincoln Property Co. had overseen leasing and management of the property since July 2024. Leasing remains active this year, and the noteholder is “holding reserve funds to offset future tenant lease obligations and allow for the ability to complete value accretive leasing,” according to servicer comments.
The complex’s largest tenant is Occidental Petroleum, which in 2020 extended a 972K SF lease until 2031. The company has leased space at Greenway Plaza since 1987.
Camden Property Trust last year vacated its 86K SF in Greenway Plaza to occupy 104K SF in the Galleria area’s Williams Tower.
The 54-acre Greenway site has 10 Class-A office buildings, restaurant and retail space, standalone parking garages, a health club, two ground-leased outparcels and an HVAC water plant.
“This is a generational asset with unmatched scale, a premier infill location, and tremendous long-term potential,” Interra Capital Group CEO Jack Polatsek said in a statement. “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.”
Interra Capital Group acquired Remington Square, a three-building, 392K SF office campus in Houston, in November 2024. It also acquired the 600K SF historic Esperson buildings in Downtown Houston through a foreclosure sale in August 2024.
