HOUSTON – Cousins Properties closed on its purchase of the 10-building Greenway Plaza project in Houston for $950 million, the Atlanta-based REIT announced. The $1.1 billion deal, announced earlier this year, also gives Cousins ownership of 777 Main Street, a 980,000-sf Class A building in downtown Fort Worth. The seller is a joint venture operated by Crescent Real Estate Holdings LLC.
The 4.4 million-sf Greenway Plaza, located along Houston’s Southwest Freeway near Buffalo Speedway, is 92 percent occupied. Major tenants include: Occidental Oil & Gas, Transocean, Direct Energy, WT Offshore, Invesco and Parker Drilling.
The Summit arena was part of the Greenway project, which was completed in the 1970s, but the arena is now owned separately as the Lakewood Church.
Greenway Plaza was developed by the late Kenneth Schnitzer of Century Development. Schnitzer quietly blocked up ownership of scores of houses and turned the neighborhood into a Class A mixed-use project.