CityWest Place

Two CityWest Place in Houston Secures Refinancing

HOUSTON — Parkway Property Investments has refinanced Two CityWest Place, a 20-story Class AA office tower located in the Westchase submarket. The 443,549-square-foot building sits west of Beltway 8 and is part of the larger CityWestPlace campus.

Loan Details and Advisors

JLL acted on behalf of Parkway to arrange a five-year floating-rate loan. Regions Bank led the financing and syndicated half of the loan to Citizens Bank. The JLL Capital Markets team representing Parkway was led by Senior Managing Director Susan Hill, with analysts Jett Lucia and Sherri Rollins supporting the transaction.

Property and Campus Overview

Two CityWest Place is situated at 2107 CityWest Boulevard within a four-building, 29-acre office park. The campus totals approximately 1.5 million square feet and is positioned roughly 12 miles west of downtown Houston, just outside the Energy Corridor. At the time of refinancing, Two CityWest Place was reported to be 99 percent leased.

Market Context

The refinancing comes amid a challenging period for commercial real estate. In recent weeks, the COVID-19 pandemic has disrupted or delayed numerous transactions nationwide. Houston’s market has faced additional pressure from a steep decline in oil prices, which fell below $20 per barrel earlier in the week, increasing uncertainty for landlords and tenants in energy-focused submarkets.

Parkway Property Investments’ Houston Portfolio

Parkway Property Investments owns several prominent Houston office properties, including Greenway Plaza, Post Oak Central, and San Felipe Plaza. The firm’s portfolio and experience in the local market supported the refinancing effort for Two CityWest Place.