Cushman & Wakefield can take some solace in the way it’s been replaced as the leasing agent on Greenway Plaza in downtown Houston, where it seems two brokerages have been hired at the ailing property.
Dallas-based Lincoln Property Company is now overseeing leasing in addition to property management duties, the Houston Business Journal reported.
And court-appointed receiver Trigild Texas isn’t stopping there as it tries to add to the tenant base of Greenway Plaza, which recently went up for sale. The receiver also has assigned Brock Cannon, an executive managing director with the New York office of Newmark, to handle the sales listing of Greenway Plaza.
Cannon has not commented. Kevin Wyatt, Lincoln Property Company’s executive vice president, confirmed his company’s new role.
A Cushman & Wakefield spokesperson confirmed the brokerage is off the Greenway Plaza account.
Word of Cushman & Wakefield’s departure surfaced shortly after another big loss, with multifamily investor Camden Realty Trust planning to leave the 10-building, 4.5 million-square-foot campus and shift its headquarters to about 100,000 square feet to the Williams Tower.
Greenway Plaza is owned by a joint venture of the Canada Pension Plan Investment Board, Silverpeak Real Estate Partners and Nuveen Real Estate.
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Dallas-based Trigild Texas is overseeing a $455 million loan on Greenway Plaza, which has been on the rocks since a default on a $465 million commercial mortgage-backed securities loan the owners took out in 2017.
Trigild recently used $10 million in excess cash flow to pay down the loan’s principal, bringing the outstanding balance to $455 million.
Greenway Plaza retains a roster of prominent tenants with sizable leases, including Occidental Petroleum Corporation, which leases nearly 1 million square feet for its headquarters operations and has been the anchor of the 54-acre campus for 37 years. Other tenants include Boardwalk Pipeline Partners, Buckeye Partners, FlightAware and PBK Architects.