Houston’s Park Towers Office Portfolio Acquired by Interra Capital Group for Estimated $110 Million

Interra Capital Group has finalized the acquisition of Park Towers, a substantial 552,250-square-foot office portfolio located in Houston's prominent Galleria/Uptown area. The transaction, facilitated by JLL representing seller Regent Properties and securing financing from Morgan Stanley for Interra, was estimated by Real Estate Alert to be around $110 million, or $200 per square foot.

Comprising two 18-story buildings at 1233 and 1333 West Loop South, Park Towers was originally constructed in 1972 and underwent significant renovations between 2016 and 2022. The portfolio boasts an 89.5% occupancy rate and a weighted average lease term of 6.3 years, offering stable cash flow and potential for future growth.

According to Jack Polatsek, Founder and CEO of Interra Capital Group, the acquisition aligns with their strategy for well-located, well-leased Class A assets with diversified tenant bases. This deal underscores continued large-scale investment activity in the Houston office market, presenting opportunities for developers and investors seeking stabilized assets below replacement cost.