JLL arranges $140M refinancing for downtown Houston’s GreenStreet mixed-use development
Property recently executed a 15-year, 108,000 SF lease with Life Time; will feature a diamond-level fitness resort, spa, café and a new co-working concept, Life Time Work, from the Life Time Healthy Way of Life brand
HOUSTON, November 14, 2019 – JLL announced today that it has arranged a $140 million refinancing for GreenStreet, an urban mixed-use office and retail asset totaling 617,000 square feet and located in Houston’s central business district.
JLL worked on behalf of the borrowers, Lionstone Investments and Midway, to secure the loan, which was provided by Blackstone Real Estate Debt Strategies.
GreenStreet, which spans four contiguous city blocks, is an urban mixed-use campus comprising 617,000 square feet of premier office, shopping, dining and entertainment options surrounding The Lawn, a central open-air green space. Not part of the collateral but inclusive in the overall development is Hotel Alessandra, a 223-room luxury hotel that was completed in 2017. GreenStreet comprises three components – two stories of creative office atop ground floor retail; the 11-story, 260,000-square-foot GreenStreet office tower, most recently NRG’s Houston headquarters; and the attached parking garage that features 1,450 spaces and 24,000 square feet of additional office space. GreenStreet is located within walking distance of the Toyota Center and George R. Brown Convention Center and houses notable tenants including House of Blues, Guadalajara and AT&T SportsNet. Most recently, the property executed a 15-year, 108,000-square-foot lease with Life Time, which will feature a diamond-level fitness resort, spa, café, and the company’s new co-working concept, Life Time Work. The Sponsors are underway with a multi-million-dollar capital improvement plan. Renovations to GreenStreet include making visitor wayfinding more visually appealing, opening up central corridors to enhance visibility and elevating the office tenant experience. Also under construction, is a new two-story, light-filled lobby, which will be accessible on the ground floor of the tower to create a sense of arrival and distinct point of entry for office tenants and visitors.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Colby Mueck, Director Matthew Putterman and Associate Laura Sellingsloh.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work—Places for Productive People.® Lionstone Investments is a registered investment adviser subsidiary of Columbia Management Investment Advisers, LLC. For more information, please visit lionstoneinvestments.com.
Houston-based Midway is a privately owned, fully integrated real estate investment and development firm that has provided the highest quality service and value to clients and investors for more than 50 years. Midway’s portfolio of mixed-use projects in Houston includes CITYCENTRE, Kirby Grove, GreenStreet and Kings Harbor, the redevelopment of the former headquarters of KBR as East River, the revived historic landmark 700 block of Main Street as The Jones on Main, and Century Square in College Station. Midway is developing the Buffalo Heights District, which is owned by BKR Memorial. Midway’s purpose is to create enduring investments and remarkable places that enrich people’s lives.
GreenStreet is the new model of urban lifestyle in central Houston. With its flagship tower and four-city-block span, GreenStreet is a mixed-use district unlike any other downtown. The northern anchor of the emerging innovation corridor, GreenStreet connects to the Ion Innovation Hub, Midtown living, the Museum District, Rice University and the Texas Medical Center via the METROrail Red Line. With a perfect Transit Score of 100, Walk Score of 88 and Bike Score of 77, GreenStreet offers effortless commuting and an attached1,450-space parking garage. GreenStreet’s 420,000 square feet of office space and AT&T SportsNet broadcast studio are complemented with world-class hospitality in the 223-key Hotel Alessandra, live entertainment at House of Blues, a collection of casual and fine-dining restaurants, shops and an ever-changing lineup of art installations and free events on The Lawn. Visit GreenStreet at greenstreetdowntown.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.