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Strategic Midtown Property Sold for Redevelopment

The Greensheet building in Midtown Houston has been sold.

The Greensheet building in Midtown Houston has been sold.

HOUSTON – PLC Capital Corp., has acquired the prime Greensheet property at the corner of Main Street and McGowen in the Midtown district, just south of downtown Houston.

The site is across the street from the well-known Superblock Midtown Park parcel and the Camden McGowen Metro Rail Station, noted Houston real estate veteran Fred Ghabriel of Bejjani & Associates, which assisted with the acquisition.

PLC Capital, a Houston-based firm led by Brent Friedman, will redevelop the 56,000- SF Greensheet building, a 60-year-old structure at 2601 Main at Holman.

Friedman said the Greensheet building redevelopment will have 10,000-SF of retail on ground floor and office space on the floors above.

The rooftop of the four-story building could be transformed into an event-space venue, Friedman said.

Studio RED Architects, a Houston firm, will design the redevelopment plan of the building, embracing the Mid-Century Modern architecture. Built in 1955, the building has “several charming, period-specific, Mid-Century-Modern architectural features which the organizers plan to preserve and incorporate into the updated design,” Friedman said.

“The combination of: residential density; proximity to Downtown and Texas Medical Center; and new cultural, restaurant/bar and live theater/entertainment, such as the MATCH, Continental Club, Ensemble, Alley Kat, Howl at the Moon, and other retail have made Midtown the agglomeration spot for Houston’s young professionals,” Friedman said.

Occupancy of Class B office space in the Midtown area is 94.9 percent, according to CBRE.

June 23, 2016

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