A Billion Dollar Sale
Sale of the century: Real estate firm plans to buy Greenway Plaza for more than $1 billion
Greenway Plaza, a massive 10-building office complex in the heart of Houston, is being sold in a $1.1 billion deal that includes a skyscraper in Fort Worth.
The buyer is Cousins Properties, a large Atlanta real estate firm that has been making a number of investments in Texas over the last year.
Greenway Plaza covers a broad swath of land on the north side of the Southwest Freeway, west of Buffalo Speedway and east of Weslayan. Originally The Summit NBA arena was part of the project, but it is now owned separately as the Lakewood Church.
Greenway Plaza was developed by the late Kenneth Schnitzer of Century Development. Schnitzer quietly obtained ownership of scores of houses and turned the neighborhood into a Class A office, retail and condominium development.
Cousins is buying the Greenway Plaza project from Texas-based Crescent Real Estate.
Major tenants in the Greenway office complex include: Occidental Oil & Gas, Transocean, Direct Energy, WT Offshore, Invesco and Parker Drilling.
Also included in the sale is 777 Main Street, a 40-story office tower in downtown Fort Worth.
“Greenway Plaza and 777 Main Street are an excellent fit with our portfolio as they are high- quality urban properties with ... future development potential,” said Larry Gellerstedt, president and chief executive officer of Cousins.
The deal is expected to close in September, Cousins said in a statement.