Brookfield Properties has handed over Houston's largest office complex to its mezzanine lender and a Houston-based value preservation team after seven years of ownership.

Stream Realty Partners announced Wednesday that it had completed an ownership transfer of the four-building, 4.6M SF Houston Center campus to a joint venture between itself and pension fund AustralianSuper.

AustralianSuper wrote Brookfield a $219M mezzanine loan for its purchase of Houston Center in December 2017, according to Private Debt Investor.

“We’ve structured a mutually beneficial deal and are confident the new owners will be strong stewards of the complex,” a Brookfield spokesman said in a statement to Bisnow.

The property transfer includes 1 Houston Center at 1221 McKinney St., 2 Houston Center at 909 Fannin St., and 3 Houston Center at 1301 McKinney St., all of which are at least 40 floors and 1M SF. It also includes the 985K SF 4 Houston Center at 1331 Lamar St., which houses The Highlight at Houston Center retail development.

Canada-based Brookfield acquired the four skyscrapers and the 200K SF retail center, then called the Shops at Houston Center, for $875M in 2017, with plans for a major overhaul. Brookfield in 2023 completed the redevelopment to modernize the buildings built in the 1970s and 1980s.

Stream Realty’s value preservation advisory team will now oversee the massive complex's management, leasing and construction, the company said. Stream launched the team in August to help “preserve value and mitigate loss for lenders and stakeholders that require additional resources for dealing with challenging situations.”

Houston Center lost some major tenants in recent years, including two of the towers’ namesakes. LyondellBasell leased 319K SF at the Galleria-area Williams Tower in 2023, confirming it would leave behind its 358K SF at 1221 McKinney St., then named LyondellBasell Tower, by late 2024 or early 2025.

Norton Rose Fulbright leased 32% of Norton Rose Fulbright Tower, becoming the anchor of the building at 1550 Lamar St. in Downtown Houston after its completion last year. The law firm had previously occupied 350K SF in the tower bearing its name at 1301 McKinney St.

Stream Realty’s Ryan Barbles and Matt Asvestas will now lead leasing efforts for Houston Center. John Rogers, Alex Roberto and Adam Jackson will oversee the center’s business plan execution, while Adam Showalter will oversee property management, according to the press release.

“Houston Center represents a transformational opportunity in a market where we have strong conviction in the long-term fundamentals and future growth,” Stream Executive Managing Director and partner Kyle Valentine said in a statement.

“We are fully committed to delivering an elevated experience that resonates with today’s workforce and believe the strength of our team, paired with the support of an experienced institutional partner, positions the campus for lasting success as a premier office destination.”

Brookfield Properties also owns Allen Center, a 3.2M SF Downtown office campus that landed a major energy company lease renewal last week.