Progress, GreenStreet Refinanced with $140 Million Loan: With Renovations

GreenStreet in downtown Houston is undergoing a major capital improvement program.

In Houston, JLL has arranged a $140 million refinancing of GreenStreet, a 617,000-SF multi-use development in downtown Houston.

JLL worked on behalf of the borrowers, Lionstone Investments and Midway to secure the loan, which was provided by Blackstone Real Estate Debt Strategies.

GreenStreet, covering four blocks near the intersection of Fannin and Lamar, is undergoing a major capital improvement program. Life Time recently leased 108,000 SF for a diamond-level fitness resort, spa, café and the company’s co-working concept, Life Time Work.

The development’s urban campus office, shopping, dining and entertainment options surrounding The Lawn, a central open-air green space. Not part of the collateral but inclusive in the overall development is Hotel Alessandra, a 223-room hotel that was completed in 2017. GreenStreet comprises three components, two stories of creative office atop ground floor retail; the 11-story, 260,000-square-foot GreenStreet office tower, most recently NRG’s Houston headquarters; and the attached parking garage that features 1,450 spaces and 24,000 sq ft of additional office space. GreenStreet, located within walking distance of the George R. Brown Convention Center, houses tenants including House of Blues, Guadalajara and AT&T SportsNet.

Renovations to GreenStreet include making visitor wayfinding more visually appealing, opening up central corridors to enhance visibility and elevating the office tenant experience. Also under construction, is a new two-story, light-filled lobby, which will be accessible on the ground floor of the tower to create a sense of arrival and distinct point of entry for office tenants and visitors.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Colby Mueck, Director Matthew Putterman and Associate Laura Sellingsloh.