Principal Real Estate Sells 20 Greenway Plaza in Houston

20 Greenway Plaza. Image courtesy of Yardi Matrix

Stockdale Capital Partners has acquired a 433,132-square-foot creative office building in Houston’s Greenway submarket. Principal Real Estate Investors sold the Class A property, while Cigna Realty Investors facilitated the transaction with a seven-year, fixed-rate acquisition loan.   

Located at 20 Greenway Plaza, the ten-story asset is within walking distance of several dining and retail options, as well as residential properties. The location provides easy access to Houston’s major thoroughfares and public transit. Originally built as a retail property in 1984, the tower was converted for office use in 2002, according to Yardi Matrix information. Most recently, the building underwent upgrades in 2014.

Also known as the Koch Building, 20 Greenway Plaza was 95 percent occupied at the time of sale. Its tenant roster includes notable companies such as Merrill Lynch, Mitsubishi, Sunnova Energy Corp., REALEC Technologies and Koch.

Principal Real Estate worked with HFF Senior Managing Director Dan Miller and Managing Director Trent Agnew, while the brokerage company’s debt placement team led by Managing Director Trent Agnew arranged the financing on behalf of the buyer. Recently, Miller was part of the team handling the sale of One Sugar Creek Center, a 193,998-square-foot office building in Sugar Land, Texas.