Done Deals: HFF closes sale of Greenway Plaza in Houston, TX and 777 Main in Fort Worth, TX

Wednesday, September 11, 2013

HFF closes sale of Greenway Plaza in Houston, TX and 777 Main in Fort Worth, TX

Greenway Plaza, Houston, TX

777 Main office complex, Fort Worth, TX

HOUSTON, TX – HFF announced today that it has closed the sale of Greenway Plaza, a 4.4 million-square-foot, Class A office complex in Houston, Texas, and 777 Main, a 980,374-square-foot Class A office property in Fort Worth, Texas.

HFF marketed the properties on behalf of the sellers, who are affiliates of Crescent Real Estate Holdings LLC. Affiliates of Cousins Properties Incorporated purchased the assets for an undisclosed amount.

According to HFF, the sale of Greenway Plaza is one of the largest real estate transactions in the city of Houston in recent times.

Elizabeth Malone

Mark Gibson

Greenway Plaza is located adjacent to Highway 59 in Houston’s western Inner Loop, close to the Houston Galleria, Rice University, Highland Village Shopping Center and the affluent River Oaks residential area.

The 4.4 million-square-foot office portfolio has approximately 100,000 square feet of retail space including an underground promenade with a food court, USPS post office and additional retail tenants.

Greenway Plaza is 92 percent leased to tenants including Occidental Oil & Gas, Invesco, Transocean Offshore and ExxonMobil Corporation.

Scott Galloway

777 Main is a 40-story office tower encompassing 980,374 square feet in the heart of the central business district of Fort Worth, Texas.

The property is situated near Sundance Square, a 35-block commercial, residential, entertainment and retail district.

A lobby renovation was just completed on the 95 percent leased property, which is home to tenants such as Jacobs Engineering, Frac Tech Services and Frost Bank.

Jeffrey A. Hollinden

The HFF investment sales team representing the seller was led by executive managing directors Mark Gibson and Scott Galloway, senior managing directors Jeff Hollinden and Trey Morsbach, director Elizabeth Malone and associate director Bill Fishel.

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital.

Through its subsidiaries, Crescent owns and manages premier, Class A office buildings in Dallas, Denver and Las Vegas.

Trey Morsbach

Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class A office towers located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.