Greenway Plaza Sold to Houston Investor, Market briefs

In Houston, Houston-based Interra Capital Group has purchased Greenway Plaza, a prominent Houston office complex between the West University Place and River Oaks neighborhoods.

Located on 53 acres along the Southwest Freeway between Weslayan and Buffalo Speedway, the 4.5 million-SF office and retail campus puts a flagship asset in Interra’s portfolio.

“Greenway Plaza is one of the most iconic and strategically important business campuses in Houston,” said Jack Polatsek, CEO of Interra Capital Group. “This is a generational asset with unmatched scale, a premier infill location, and tremendous long-term potential. We are proud to acquire Greenway Plaza and are committed to making the investments necessary to enhance the campus and strengthen its position as one of the market’s leading business destinations.”

Developed from the late 1960s to early 1980s, Greenway Plaza is one of the nation’s largest infill multi-use business campuses. It includes 10 office buildings and The Shops at Greenway/The Hub, a single-story food court and dining hall. The complex was developed by the late Kenneth Schnitzer’s Century Development.

Since 2023, Greenway Plaza has been operating under the direction of Trigild Texas after the ownership group defaulted on its loan. It was previously owned by the Canada Pension Plan Investment Board, Silverpeak Real Estate Partners, and Nuveen Real Estate.

Interra Capital Group has engaged CBRE to lead the leasing efforts, focused on attracting new tenants and retaining existing ones. CBRE will also assist with a long-term repositioning of the property.

Greenway Plaza has lost some big tenants recently. Last year, Camden Property Trust departed its headquarters of 30 years to move to Williams Tower by the Galleria.

Occidental, the biggest tenant at Greenway Plaza, is committed for a few more years. In 2020, the company renewed a 972,145-SF headquarters lease at the Five and Three Greenway Plaza buildings until 2031. Occidental has been in Greenway Plaza since 1987. Occidental CEO Vicki Hollub is slated to retire later this year.

At one time the NBA’s Houston Rockets played in The Summit, an arena that was a focal point for Greenway Plaza. But eventually the Rockets moved downtown and the arena became Lakewood Church, a megachurch led by Joel Osteen.

“This purchase is about stewarding a campus that has played an important role in Houston for decades and repositioning it for the future. We see tremendous opportunity to unlock value through disciplined execution, creative vision, and a deep commitment to the market”, said Anita Kundaje of Interra Capital Group.