Interra Capital Buys Houston’s Distressed Greenway Plaza

A local private equity firm bought a major, long-distressed Houston office complex.

Interra Capital Group purchased Greenway Plaza, a 54-acre mixed-use campus out of receivership, public records show. The sale price was not disclosed. In 2013, the property sold for $950 million.

The 11-building campus with 4.9 million square feet of office space is at the intersection of Buffalo Speedway and I-69, between Downtown Houston and The Galleria, according to a flier from Lincoln Property Management, which marketed the property. Opened in 1973, the development includes The HUB food hall, a hair salon, a daycare facility and a Lifetime Fitness gym.

In a press release, Interra called the property one of the largest infill mixed-use business campuses in the country. The company retained CBRE to handle leasing.

According to Lincoln’s leasing webpage, the complex has 1,453,240 vacant square feet of space, making it about 70 percent leased. Office tenants include Occidental Petroleum, Boardwalk Pipelines, Pilot Flying J and Avelo Airlines.

A joint venture between the Canada Pension Plan Investment Board, Silverpeak Real Estate Partners and Nuveen Real Estate had owned the property; however, court-appointed receiver Trigild took control of the property in 2023 after the co-owners defaulted on a $465 million commercial mortgage-backed securities loan, according to a 2022 report from Moody’s Investors Services. The receiver put the property up for sale in 2024.

It’s not the first landmark Houston property in Interra’s portfolio. In 2024, Interra bought the historic Niels and Mellie Esperson buildings at 808 Travis Street.

The Houston office sector has struggled with high vacancy rates since the pandemic, but 2025 saw the city’s first annual absorption gain since 2019, with the office market posting 719,000 square feet of positive net absorption, according to Colliers.

Other office developments in the Houston area have faced the same difficulties that beset Greenway. A lender took control of Houston’s largest office complex, Houston Center, from Brookfield Properties last year. And private equity firm Woodside acquired the Heron Lakes complex in northwest Houston earlier this year after the property spent six years under a special servicer.

Houston’s Central Business District and West Loop areas enjoyed the most leasing activity in the final quarter of 2025, Colliers found. The CBD accounted for 16.1 percent of the square footage leased in the last quarter of the year, and West Loop accounted for 14.8 percent. The Greenway area trailed with just 3.5 percent.