Once-thriving downtown plaza now beset with problems is given fresh hope after $416m takeover

Published: 17:13, 11 April 2026 | Updated: 17:15, 11 April 2026 A once-thriving Houston office hub valued at nearly $1 billion has been handed a dramatic lifeline after a $416 million takeover following years of decline. Greenway Plaza, a sprawling 53-acre campus along Interstate 69 inside the city’s upscale Inner Loop near River Oaks and Upper Kirby, has been acquired by Interra Capital Group after its previous owners defaulted on hundreds of millions in debt. The deal was not a traditional sale. Instead, Interra assumed roughly $416.2 million tied to the struggling complex and injected about $15 million in cash, according to court filings. The total purchase price was not disclosed. The 4.5 million-square-foot development was once a centerpiece of Houston’s business scene but in recent years has struggled to compete, with companies abandoning older office space in favor of newer, amenity-rich buildings. By the time of the takeover, the campus was about 57 percent occupied. The property had been under pressure since 2022, when a $465 million loan tied to the campus came due. Its former ownership group, including Canada Pension Plan Investment Board, Nuveen Real Estate and Silverpeak Real Estate Partners, later defaulted, triggering a drawn-out restructuring. In 2023, court-appointed receiver Trigild Texas stepped in to oversee the distressed asset, replacing the property’s management team after concerns raised in loan filings over expense reporting and budgeting. A once-$1 billion Houston office complex, Greenway Plaza, has been taken over in a $416 million deal after years of financial struggles and declining occupancy The new owner, Interra Capital Group, assumed the property’s debt and plans to reposition the aging campus, which has lost major tenants and fallen to about 57 percent occupancy The takeover follows a loan default, management shake-ups and a broader exodus from older office buildings as companies move to newer spaces Behind the scenes, control of the complex shifted multiple times, with leasing and management handed between firms as efforts were made to stabilize operations. At the same time, a steady stream of high-profile tenants walked away. Energy trading firm Mercuria signaled plans to relocate its US headquarters, while Mitsubishi Heavy Industries America Inc. moved to a larger space elsewhere in the city. Camden Property Trust also exited the campus, and long-time tenant Invesco Group Services Inc. significantly downsized its footprint after decades at the site. At its peak about a decade ago, Greenway Plaza was valued at roughly $1 billion. Its decline mirrors broader struggles across the commercial real estate sector as demand for traditional office space has weakened. Interra said it plans to reposition the campus over time, though it has not outlined specific redevelopment plans. The firm said the property will become a flagship asset in its portfolio. The company has already brought in CBRE to handle leasing, with a focus on retaining existing tenants and attracting new ones. Interra CEO Jack Polatsek described the property as a long-term investment opportunity. 'Greenway Plaza is one of the most iconic and strategically important business campuses in Houston,' Polatsek said in a statement. 'This is a generational asset with unmatched scale, a premier infill location and tremendous long-term potential.' No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.