Lincoln Property Closes on 2M-SF Greenspoint Place

Lincoln Property Co., (LPC) headquartered in Dallas, acquired the 2.1-million-square-foot Greenspoint Place in Houston. The six-building campus, at the intersection of Interstate 45 and Beltway 8, north of the CBD, ended up in foreclosure after its largest tenant, Exxon Mobil, moved out in 2015. The seller was Northwestern Mutual, which took over the property in 2016 from Hines and partner General Motors Pension Fund.

The sales price was undisclosed, though sources familiar with the area told the Houston Chronicle that some properties are selling for less than $40 per square foot. NorthMarq arranged the acquisition financing.

LPC indicated it liked the property because of its location and high-end towers. “It’s just in a submarket experiencing softness right now. There’s a lot of vacancy, but the purchase price reflects that,” said Charlie Giammalva, senior vice president of Lincoln Property. LPC acquired the property with H.I.G. Realty Partners.

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