Stream Realty Partners and its joint venture partner acquired a full city block of Downtown Houston to build a parking garage for the city's largest office complex.
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The 12-level parking garage will have 2,053 parking spaces and be connected to One Houston Center by a skybridge. Groundbreaking is slated for 2027.
“The acquisition of Block 95 represents another significant investment in the long-term future of Houston Center and Downtown Houston,” Stream partner Kyle Valentine said in a statement.
Stream and pension fund AustralianSuper took over Houston Center in April 2025 after Brookfield Properties transferred its ownership. AustralianSuper was the lender for Brookfield’s $219M mezzanine loan on the property.
At 4.2M SF, Houston Center is the city’s largest office complex. It includes four buildings, three of which are at least 1M SF and another is 985K SF, along with a retail development called The Highlight at Houston Center.
Brookfield acquired the property for $875M in 2018 and, in 2023, completed a major renovation to modernize the buildings built in the 1970s and 1980s.
The city block purchased for the new parking garage is bordered by Walker, Rusk, Caroline and San Jacinto streets and currently houses a surface parking lot.
The garage will increase the complex’s parking ratio to two spaces per 1K SF. It will include electric vehicle charging stations, a parking guidance system, security features, enhanced lighting and “generous drive aisle widths.”
Ramsey March and Blake Bell of Stream’s development services team will oversee the development. Stream’s John Rogers and Alex Roberto will oversee the investment strategy under Chief Investment Officer Adam Jackson. Stream’s Ryan Barbles and Matt Asvestas will lead leasing efforts.
“This investment reinforces our commitment to creating a premier workplace destination that meets the evolving needs of today's office users,” Valentine said.
Houston Center lost some major tenants in recent years, including two namesakes, LyondellBasell and Norton Rose Fulbright.
