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Lincoln Property Co. will invest $100M into its recently acquired 2M SF, six-building Greenspoint Place portfolio. Over the next five years, the company will update the exteriors, interiors, landscaping and retail options, Lincoln Property's Kevin Wyatt told the Houston Business Journal.
Renovations will kick off in the newly dubbed CityNorth campus with work on the buildings' exteriors and lobbies, adding an outdoor running track and creating a 6K SF open-concept hub dubbed Third Place.
The asset has struggled since Exxon vacated to move to its Springwoods campus. Hines turned the property over to the lender in July 2016. Northwestern Mutual struck a deal in August with Lincoln Property and H.I.G. Realty for the portfolio. The asset remains 40% occupied, on par with the overall availability of Class-A office space in the area.
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