New Crew at Greenway Plaza

HOUSTON – (Realty News Report) – Greenway Plaza, a huge mixed-use collection of office towers and retail space between West University Place and River Oaks, has new teams for office leasing and property management.

Cushman & Wakefield and Lincoln Property Company  have been retained to at Greenway Plaza. Developed by the late Kenneth Schnitzer’s Century Development, the 50-acre Greenway Plaza today has 11 buildings with a total of 4.5 million SF, a 388-room Doubletree hotel and retail space.

Located along the Southwest Freeway, Greenway Plaza is between Buffalo Speedway and Weslayan.

The Houston office market, as widely reported, has been going through a rough patch in the post-Covid environment and valuation trends   have declined along with occupancy rates.

The Trigild group is now the court-appointed receiver over Greenway Plaza after the ownership partnership was in default, according to a CMBS report.

Trigild has named Cushman & Wakefield to lease Greenway Plaza. Lincoln Property Company was hired as property manager.

“Greenway Plaza’s significance as a cornerstone of the Houston office market cannot be overstated,” said Charlie Giammalva, Executive Vice President, Lincoln Property Company.

Houston leasing veteran Chip Colvill, founder of the well-known Colvill Office Properties, a Houston firm acquired by Cushman & Wakefield in 2020, has represented numerous property owners.

“Greenway Plaza is a major business center in Houston, and with its proximity to decision-maker housing in River Oaks and West University, it has always been a top location for Houston’s leading companies,” says Colvill, executive vice chairman of Cushman & Wakefield.  “We are proud that with the addition of Greenway Plaza to our portfolio, our agency leasing team now oversees a 23 million-SF portfolio in the Houston market, and we are seeing increased leasing activity across the city.”

Weighing In at 972,145 SF – OXY

In 2020, Occidental Petroleum, a Houston-based firm signed an agreement to extend its 972,145-SF lease at the Five and Three Greenway Plaza buildings until 2031.

Greenway Plaza’s other major tenants include Invesco, Camden Property Trust, Boardwalk Pipeline, Crowe, Magnolia Oil & Gas and Stephens.

According to Michael Anderson, Executive Managing Director of Cushman & Wakefield, “Greenway Plaza ownership has done a tremendous job enhancing the project over the years to meet the needs of today’s corporate user. We plan to carry the torch and maintain the high standard that has been set, and we’re already seeing excellent leasing activity at the complex.”

Amenities at the LEED Gold-certified Greenway Plaza include bike rooms; a food hall, The Hub; casual and fine-dining; Lifetime Fitness (with outdoor pools and sundeck) and Pulse Fitness; a Primrose School for childcare; retail banking; and coworking concepts.

According to Executive Managing Director Damon Thames, “Greenway Plaza has all the amenities tenants in today’s competitive environment are looking for. We have large and small spaces available for all tenant sizes in the complex, including the opportunity for a full-building tenant to lease Four Greenway Plaza, which represents an excellent opportunity for a large user.”

Greenway Plaza property includes:

  • One Greenway Plaza, an 11-story, 210,038-SF office building
  • Two Greenway Plaza, an 11-story, 209,914-SF office building
  • Three Greenway Plaza, a 21-story, 518,578-SF Class A office tower
  • Four Greenway Plaza, an 11-story, 241,294-SF Class A office tower
  • Five Greenway Plaza, a 31-story, 912,011- SF Class A office tower
  • Eight Greenway Plaza, a 15-story, 255,305-SF Class A office tower
  • Nine Greenway Plaza, a 31-story, 747,819-SF Class A office tower
  • Eleven Greenway Plaza, a 31-story, 746,437-SF Class A office tower
  • Twelve Greenway Plaza, a 15-story, 254,920-SF Class A building
  • 3800 Buffalo Speedway, a five-story, 155,761-SF office building
  • The Shops at Greenway/The Hub, a single-story, 97,411-SF food court and dining hall.

Nov. 29, 2023 Realty News Report Copyright 2023

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Image: Parkway

File: New Crew at Greenway Plaza. Cush-Wake. LPC. Lincoln

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