Interra Capital Group Acquires 4.5 Million Square Foot Greenway Plaza in Major Houston Receivership Sale

Houston-based Interra Capital Group has acquired the iconic 53-acre Greenway Plaza office campus, ending years of receivership and a $465 million loan default.

By: AXL Media

Published: Apr 14, 2026, 8:31 AM EDT

Source: Bisnow

Resolving Long-Term Receivership and Debt

The acquisition follows a complex series of financial events that began in May 2022, when a joint venture between CPP Investments, Nuveen Real Estate, and Silverpeak Real Estate Partners was unable to refinance a $465 million maturing loan. This led to the property being transferred to special servicing and eventually entering a consensual receivership under Trigild. Over the last year, the loan was reduced to $416.2 million through excess cash flow, and after intense negotiations, Interra acquired the property through a full debt assumption with a maturity extension. This transaction effectively stabilizes the campus’s financial standing and ends years of managerial uncertainty.

Strategic Asset Repositioning and Investment

Interra Capital Group CEO Jack Polatsek characterized Greenway Plaza as an "unmatched" asset with significant long-term potential. The 54-acre site is functionally a city-within-a-city, featuring 10 Class-A office buildings, restaurant and retail corridors, standalone parking garages, a private health club, and its own dedicated HVAC water plant. Interra has committed to making the necessary investments to enhance the campus and modernize its infrastructure. The goal is to strengthen Greenway’s position against competing hubs like the Galleria and Downtown Houston, ensuring it remains a leading destination for large-scale corporate headquarters.

Tenant Stability and Market Movement

Despite the financial turmoil of the previous ownership, Greenway Plaza has maintained several cornerstone tenants. Its largest occupier, Occidental Petroleum, solidified its presence in 2020 by extending its 972,000 square foot lease through 2031, continuing a relationship that began in 1987. While the campus lost Camden Property Trust to the nearby Williams Tower last year, leasing activity has reportedly remained active throughout the transition. To support this momentum, the noteholder is holding reserve funds to facilitate tenant improvement allowances and other value-accretive leasing incentives, providing the new ownership with immediate liquidity to attract new residents.