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Parkway Finalizes $512 Million Greenway Plaza Deal

Greenway Plaza in Houston.

Greenway Plaza in Houston.

HOUSTON – Parkway Inc. has finalized the sale of a 49 percent stake in its Greenway office portfolio for $512 million or $210 per SF.

Parkway sold off a stake in a 5 million-SF, 11-building office campus near Buffalo Speedway and the Southwest Freeway in Houston’s Inner Loop. It includes the 10-building Greenway Plaza development and the adjacent 630,000-SF Phoenix Tower. Greenway is one of the strongest submarkets in Houston right now.

Three institutional investors – affiliates of TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board – purchased the 49 percent stake in Greenway and created a joint venture.

The joint venture assumed the $75.9 million existing mortgage debt secured by Phoenix Tower.

Additionally, the joint venture placed a new mortgage loan from Goldman Sachs totaling $465 million secured by the properties in the Greenway Plaza. HFF arranged the financing.

Parkway, a REIT based in Orlando although every single one of its holdings are in Houston, was formed last year as the result of a merger involving Cousins Properties.

April 24, 2017 Realty News Report Copyright 2017

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