Houston’s Greenway Plaza, a 4.4 million square foot 10 building office complex, is being sold in a $1.1 billion cash deal according to the Houston Chronicle.
Cousins Properties, an Atlanta-based real estate firm, is purchasing Greenway Plaza from Crescent Real Estate Holdings, a joint venture between Barclays Capital and Goff Capital.
Cousins focuses on investing in high-growth sunbelt markets with an eye particularly on Georgia, Texas, and North Carolina.
With the purchase of Greenway, Texas will become the company’s largest market.
Greenway Plaza occupies a large span of land on the north side of the Southwest Freeway, west of Buffalo Speedway and east of Weslayan.
The plaza was originally built by the late Kenneth Schnitzer of Century Development. Schnitzer owned a number of houses in the area and turned it into a Class A office, retail, and residential development.
Major tenants in Greenway Plaza include Occidental Oil and Gas, Transocean, Direct Energy, WT Offshore, Invesco, and Parker Drilling.
Also included in the deal is 777 Main Street, a 40 story skyscraper in downtown Fort Worth.
The deal is expected to close in September.