CPPIB JV invests in Houston office portfolio
Parkway Inc. has agreed to sell 49 percent of two class A office properties in Houston for $512.1 million. Parkway will retain a 51 percent majority interest in the portfolio, with TH Real Estate and Silverpeak Real Estate Partners sharing a 24.5 percent interest, and the Canada Pension Plan Investment Board owning the remaining 24.5 percent.
The two properties, Greenway Plaza and Phoenix Tower, will now be owned by a joint venture between Parkway, TH Real Estate, Silverpeak and CPPIB.
Greenway Plaza is a 52-acre, master-planned, mixed-use development featuring 11 buildings totaling approximately 4.9 million square feet of office space as its focal point. Onsite amenities include a full-service restaurant, an underground food court with 16 restaurants, multiple fitness facilities, three full-service banking centers and conference facilities.
Phoenix Tower is located adjacent to Greenway Plaza. The 34-story building totals 665,332 square feet and was built in 198