Crescent Real Estate received the 2014 Landmark Award for the sale of Greenway Plaza.
Houston Business Journal’s annual Landmark Awards recognize real estate projects that make a significant impression on the Houston landscape. Award-winning projects are marked by excellence in land planning, design, construction, economics, marketing and management. These awards honor the projects that become "Landmarks," improving the look, feel and image of the city.
Greenway Plaza was sold for $950 million as part of $1.1 billion deal that included a 980,000-square-foot tower in Fort Worth. Greenway Plaza is a 10-building, 4.4 million-square-foot office portfolio on 52 acres north of U.S. Highway 59 on Edloe Street. Greenway Plaza is home to more than 13,000 employees who work at several of Houston’s premier companies. One of Greenway Plaza’s largest tenants, Occidental Petroleum Corp. The new owner will redesigning the vision for the future of the property to attract new tenants. Built in 1975, Greenway’s occupied space has rents that are about 19 percent below market value, and several of the largest tenants have leases that are ending soon. The average remaining lease for the property is 6.4 years — making the property prime for a renovation and higher rents.