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Houston’s Phoenix Tower to be Sold

HOUSTON – Parkway Properties, an Orlando-based REIT, is selling the 34-story Phoenix Tower, a continuation of its ongoing sell-off of its Houston office portfolio.

The 629,000-SF building is expected to fetch $104 million or $164 per SF, according to Real Estate Alert.

Eastdil Secured, which is expanding in Texas, is marketing the building, 3500 Southwest Freeway at Buffalo Speedway in the Greenway Plaza area. Parkway purchased Phoenix Tower in 2012 for $123.8 million.

Over the last year, Parkway has sold seven Houston buildings $179 million.

In early 2015, Parkway sold 5300 Memorial Drive, a 154,000-SF building just west of Shepherd Drive in the Rice Military community; and a building at 10497 Town & Country Way near the City Centre development. The buyer of those two properties was Equus Capital Partners of Philadelphia.

In a statement released in February, James Heistand, president and CEO of Parkway, said the firm has sold $624 million of its properties in a “portfolio transformation” to upgrade its holdings.

“We believe we’ve effectively pruned the portfolio of substantially all of Parkway’s non-core assets, leaving us with a collection of best-in-class assets that we believe is poised to continue our operational outperformance in 2016,” Heistand said in his February statement.

Phoenix Tower was completed in 1984, just as Houston’s office market went into a historic decline amid a regional economy crash. The building was counted as one of Houston’s “see-through” buildings that suffered extreme vacancy problems.

April 18, 2016

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