GreenStreet Gets Some Green for Refi

HOUSTON—Refinancing of $140 million was recently arranged for GreenStreet, an urban mixed-use office and retail asset totaling 617,000 square feet located in the 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 office, shopping, dining and entertainment options surrounding The Lawn, a central open-air green space. GreenStreet comprises three components–two stories of creative office atop ground floor retail, the 11-story 260,000-square-foot GreenStreet office tower that was 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, cafe 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 lobby, which will be accessible on the ground floor of the tower.

The JLL capital markets team representing the borrower was led by senior managing director Colby Mueck, director Matthew Putterman and associate Laura Sellingsloh.