3 Houston Office Properties, Vacant to Almost Complete, Changing Hands

Investors are buying several Houston office properties with varying levels of occupancy, including the two-story Park Towers campus in the Galleria area.

Houston-based Interra Capital Group purchased the 90% occupied, 552K SF campus from Regent Properties, according to a press release from JLL, which brokered all three sales.

The online auction also resulted in the sale of 3000 Post Oak Blvd., a vacant, foreclosed Uptown property, and a 20% occupied office building at 2350 N. Sam Houston Parkway E.

“Large deal activity is back; there have been 10 sales of office assets over $100 million in the past 18 months,” JLL Capital Markets Managing Director Rick Goings said in a statement about Park Towers.

Since January 2023, 105 Houston office building trades have occurred, with activity increasing over the past two years, Goings said in a LinkedIn post.

“Park Towers represents an outstanding opportunity to acquire the Galleria’s best-in-class office assets with in-place cash flow on a substantially lower than replacement cost basis,” he said.

The two 18-story buildings at 1233 and 1333 W. Loop S. were built in 1972 and significantly renovated between 2016 and 2022.

“Park Towers is exactly the type of opportunity Interra was built to pursue: a well-leased Class A asset in the heart of Houston’s Galleria with a strong and diverse tenant base,” Interra Capital Group CEO Jack Polatsek said in a statement.

Houston-based boutique private equity firm Interra Capital Group became the new owner of Greenway Plaza, a popular 53-acre mixed-use office campus in Houston’s Inner Loop, in April, after years of receivership.

JLL’s Goings, Kevin McConn and Jonathan Napper represented Regents in the Park Towers sale. JLL also worked on behalf of the buyer to secure acquisition financing through Morgan Stanley, with Susan Hill leading debt advisory efforts for Interra Capital Group.

Interra Capital Group retained Transwestern for leasing services, led by Jack Scharnberg and Doug Little.

Meanwhile, an entity called 3000 Post Oak Realty LLC purchased the 433K SF, 19-story 3000 Post Oak, according to Realty News Report. The seller is LNR Property, a special services subsidiary of Starwood Property Trust.

The building, built in 1979 and formerly known as the Bechtel Tower, was abandoned when Bechtel Energy moved in late 2024 to a low-rise in Westchase’s CityWestPlace. A representative of the former owners, a consortium of Asian investors, told Bisnow in April they have exhausted all possible repositioning opportunities and plan to continue the seizure.

The building was sold through an online auction on the RealInsight Marketplace platform, according to JLL, which did not disclose the buyer’s identity but called the building “a rare opportunity to reposition added value in Houston’s most prestigious office submarket.”

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Goings, Marty Hogan, Jeff Hollinden and Max Myers.

A publicly traded REIT used the same online marketplace platform to sell 2350 N. Sam Houston Parkway E. to private investors, according to JLL. The auction generated “significant market interest.”

The 10-story, 20% occupied building is located in North Houston, south of George Bush Intercontinental Airport, and was built in 1982 and renovated in 2018.

JLL’s Sales and Capital Markets Investment Advisory team, which represented the seller, was led by Hogan and Burke Tilton.