Interra Buying Park Towers on West Loop for $110M, Market briefs

In Houston, Interra Capital has contracted to buy the Park Towers office buildings on Loop 610 close to Houston’s Memorial Park.

The sales price is slated to be about $110 million or $200 per SF, as stated by Real Estate Alert.

The two towers, totaling 552, 250 SF in the Uptown area near Post Oak Boulevard, are 89.5% occupied with the Colliers Houston real estate firm as a major tenant.

The seller, Regent Properties, is represented by Rick Goings, Kevin McConn, and Jonathan Napper of JLL Capital Markets.

The buildings, Park Tower North at 1233 West Loop South, and Park Tower South at 1333 West Loop South, were developed in the 1970s. The buildings underwent a renovation designed by Ziegler Cooper Architects.

Interra is a Houston firm led by Jack Polatsek, CEO of Interra Capital Group. The Interra firm made big news earlier this year when it purchased Greenway Plaza, a 4.5 million-SF office and retail campus located on 53 acres along the Southwest Freeway between Weslayan and Buffalo Speedway.

Several Houston office buildings have sold recently, including 3411 Richmond near Greenway Plaza, Eldridge Place, TotalEnergies Tower, and Williams Tower. JLL Capital Markets was involved in a number of recnet office building sales.