HOUSTON – (Realty News Report) – JLL has secured a $140 million refinancing for GreenStreet, a 617,000-square-foot mixed-use development in downtown Houston.
JLL represented the borrowers, Lionstone Investments and Midway, in arranging the loan, which was provided by Blackstone Real Estate Debt Strategies.
GreenStreet spans four city blocks near the intersection of Fannin and Lamar and is currently in the midst of a significant capital improvement program. One notable recent lease is Life Time, which committed to 108,000 square feet for a diamond-level fitness resort that will include a spa, café and Life Time Work, the company’s co-working concept.
The development integrates an urban campus of offices, retail, dining and entertainment centered on The Lawn, an open-air green gathering space. While not part of the loan collateral, Hotel Alessandra—a 223-room hotel completed in 2017—is part of the overall mixed-use complex. GreenStreet’s components include two levels of creative office space above ground-floor retail; an 11-story, 260,000-square-foot office tower, which most recently housed NRG’s Houston headquarters; and an attached parking structure with 1,450 parking spaces plus 24,000 square feet of additional office space. Located within walking distance of the George R. Brown Convention Center, GreenStreet hosts tenants such as House of Blues, Guadalajara and AT&T SportsNet.
Planned renovations aim to improve visitor wayfinding and visual appeal, open central corridors to increase sightlines and visibility, and enhance the overall office tenant experience. A new two-story, naturally lit lobby is under construction at the tower’s ground floor to establish a clear sense of arrival and a distinct entry point for office tenants and visitors.
The JLL Capital Markets team advising the borrowers was led by Senior Managing Director Colby Mueck, Director Matthew Putterman and Associate Laura Sellingsloh.
Nov. 18, 2019 Realty News Report Copyright 2019
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