Interra Acquires Houston’s Park Towers

Regent Properties offloaded the Park Towers, a 552,000 square foot Houston office building in the Galleria/Uptown submarket. Interra was the buyer, who obtained acquisition financing through Morgan Stanley.

Park Towers comprises two 18-story office buildings that were originally built in 1972 and significantly renovated between 2016 and 2022. The buildings feature extensive on-site amenities, including a fitness center with locker rooms, modern tenant lounge and game room, technology-equipped conference facilities, executive boardroom, on-site wine storage, bike storage and full-service deli.

JLL’s Capital Markets Investment Sales and Advisory team, representing the seller, was led by Rick Goings, Kevin McConn and Jonathan Napper. 

JLL Senior Managing Director Susan Hill led debt advisory efforts on behalf of Interra Capital Group.

JLL’s Goings added, “With 89.5% occupancy and 6.3 years of weighted average lease term, the portfolio offers both stable cash flow and meaningful upside potential. Large deal activity is back; there have been 10 office asset sales over $100 million in the last 18 months alone.”