Interra Capital buys distressed Greenway Plaza Houston in receivership sale

Interra Capital Group, a Houston-based boutique private equity firm, has acquired Greenway Plaza - one of the largest infill mixed-use business campuses in the United States - from court-appointed receiver Trigild Texas. The 53-acre, 4.5 million-square-foot campus includes 10 to 11 Class-A office towers, a food hall, a Lifetime Fitness club, a DoubleTree hotel, retail, condominiums, and coworking space. The prior ownership joint venture between Canada Pension Plan Investment Board, Silverpeak Real Estate Partners, and Nuveen Real Estate defaulted on the $465 million CMBS loan at its 2022 maturity. The loan was subsequently transferred to special servicing and the property entered consensual receivership in 2023, with Lincoln Property Company overseeing management. The sale was completed via assumption of the existing $416.2 million mortgage, which has been partially paid down with excess cash flow. Interra plans an active ownership and repositioning strategy. Occidental Petroleum holds a 972,000-square-foot lease through 2031. The campus is approximately 70 percent leased, with 1.45 million square feet vacant.