HOUSTON—Developed between 1978 and 1992, Greenspoint Place is a mixed-use portfolio including attached parking and retail located in the North Houston District. In 2015, a 7,000-square-foot fitness center and a 10,000-square-foot conference center were added as tenant amenities.

With plans to reposition Greenspoint Place into its decades-long standing as the premier office portfolio in the region, H.I.G. Realty Partners and Lincoln Property Company have acquired the portfolio for undisclosed terms. The assets consist of six office buildings totaling more than 2 million square feet and three adjoining retail centers. The property has access to neighboring communities at the intersection of Interstate 45 and the Sam Houston Tollway near Bush Intercontinental Airport.

“The Greenspoint Place acquisition provides a unique opportunity to acquire a large portfolio of contiguous class-A office properties. The portfolio represents a significant lease-up opportunity at a great value,” said Charlie Giammalva, senior vice president, Lincoln Property Company. “The H.I.G./LPC team has the knowledge, expertise and capital to stabilize this portfolio and return it to its previous prominence within the Houston office market.”

The acquisition of Greenspoint Place brings LPC's Houston office holdings to more than 9 million square feet.

“Greenspoint Place is a one-of-a-kind unique property in a well-located area with strong infrastructure and attractive amenities,” Giammalva tells GlobeSt.com. “We are confident that once we implement and complete our repositioning effort, it will return to its roots of being a premier complex in Houston.”

Zach Thomas, senior vice president of LPC oversaw the purchase. Kevin Wyatt, senior vice president, Lincoln Property Company, will act as the exclusive leasing agent at Greenspoint Place.

“The Houston office market is very dynamic with tenants looking for revitalized space and amenities,” said Wyatt. “We are confident that our plans for Greenspoint Place will provide a solution to the needs of businesses in the market.”

Warren Hitchcock and Bill Haley of NorthMarq Capital's Houston office successfully advised Lincoln Property Company on the purchase and capitalization of Greenspoint Place. With history in advising Lincoln Property Company on previous Greenspoint area acquisitions, NorthMarq worked to appropriately structure and capitalize the acquisition and lease-up financing of the Greenspoint Place office campus.

“Capital terms and structure would be critical to the success of the assets. The national perception of the oil price downturn and the concerns of the Houston market were immediate challenges for capital sources, however there were a number of contrarian lenders willing to consider the financing opportunity,” said Hitchcock. “This ultimately resulted in an acquisition bridge loan with ACORE Capital which facilitated the purchase and will provide future capital to execute the Lincoln Property Company business plan.”

HOUSTON—Developed between 1978 and 1992, Greenspoint Place is a mixed-use portfolio including attached parking and retail located in the North Houston District. In 2015, a 7,000-square-foot fitness center and a 10,000-square-foot conference center were added as tenant amenities.

With plans to reposition Greenspoint Place into its decades-long standing as the premier office portfolio in the region, H.I.G. Realty Partners and Lincoln Property Company have acquired the portfolio for undisclosed terms. The assets consist of six office buildings totaling more than 2 million square feet and three adjoining retail centers. The property has access to neighboring communities at the intersection of Interstate 45 and the Sam Houston Tollway near Bush Intercontinental Airport.

“The Greenspoint Place acquisition provides a unique opportunity to acquire a large portfolio of contiguous class-A office properties. The portfolio represents a significant lease-up opportunity at a great value,” said Charlie Giammalva, senior vice president, Lincoln Property Company. “The H.I.G./LPC team has the knowledge, expertise and capital to stabilize this portfolio and return it to its previous prominence within the Houston office market.”

The acquisition of Greenspoint Place brings LPC's Houston office holdings to more than 9 million square feet.

“Greenspoint Place is a one-of-a-kind unique property in a well-located area with strong infrastructure and attractive amenities,” Giammalva tells GlobeSt.com. “We are confident that once we implement and complete our repositioning effort, it will return to its roots of being a premier complex in Houston.”

Zach Thomas, senior vice president of LPC oversaw the purchase. Kevin Wyatt, senior vice president, Lincoln Property Company, will act as the exclusive leasing agent at Greenspoint Place.

“The Houston office market is very dynamic with tenants looking for revitalized space and amenities,” said Wyatt. “We are confident that our plans for Greenspoint Place will provide a solution to the needs of businesses in the market.”

Warren Hitchcock and Bill Haley of NorthMarq Capital's Houston office successfully advised Lincoln Property Company on the purchase and capitalization of Greenspoint Place. With history in advising Lincoln Property Company on previous Greenspoint area acquisitions, NorthMarq worked to appropriately structure and capitalize the acquisition and lease-up financing of the Greenspoint Place office campus.

“Capital terms and structure would be critical to the success of the assets. The national perception of the oil price downturn and the concerns of the Houston market were immediate challenges for capital sources, however there were a number of contrarian lenders willing to consider the financing opportunity,” said Hitchcock. “This ultimately resulted in an acquisition bridge loan with ACORE Capital which facilitated the purchase and will provide future capital to execute the Lincoln Property Company business plan.”