Regent Properties has sold Park Towers, a 552,000-square-foot office complex in Houston, with Interra purchasing the asset and securing acquisition financing from Morgan Stanley. The property is located in the Galleria/Uptown submarket, a major commercial district within the Houston office market. The transaction combines an investment sale with new debt capital, underscoring continued lender engagement for sizable, stabilized office assets.
Park Towers consists of two 18-story office buildings that were originally completed in 1972. The complex has undergone significant renovation work between 2016 and 2022, updating the buildings and common areas to more contemporary standards. These improvements are a key part of the current offering, supporting both tenant retention and ongoing leasing efforts within the project.
The amenity package at Park Towers is extensive and focused on tenant experience and productivity. The buildings feature a fitness center with locker rooms, providing on-site wellness options for employees. A modern tenant lounge and game room add informal collaboration and relaxation space, while technology-equipped conference facilities and an executive boardroom support formal meetings and corporate functions within the complex.
Additional amenities include on-site wine storage and bike storage, which address both lifestyle and commuting needs, as well as a full-service deli that offers daily food and beverage options without requiring tenants to leave the property. Collectively, these amenities are designed to enhance the appeal of the asset for existing and prospective occupiers.
JLL’s Capital Markets Investment Sales and Advisory team represented Regent Properties in the sale of Park Towers. The team was led by Rick Goings, Kevin McConn and Jonathan Napper, who were responsible for marketing the asset and advising the seller through the disposition process. Their mandate covered positioning the recently renovated, amenity-rich complex to investors focused on stabilized office product.
On the debt side of the transaction, JLL Senior Managing Director Susan Hill led the firm’s debt advisory efforts on behalf of Interra Capital Group. Her role included arranging the acquisition financing that Interra obtained through Morgan Stanley, aligning the buyer’s capital structure with the property’s current income profile and lease maturity schedule.
According to JLL’s Goings, the Park Towers portfolio is 89.5% occupied and carries a weighted average lease term of 6.3 years, providing both predictable cash flow and room for upside as leases roll. He also noted that large office trades are still occurring, citing 10 office asset sales over $100 million in the last 18 months. This activity context places the Park Towers deal within a broader pattern of significant office investment transactions, even as capital remains selective and focused on higher-quality, well-leased assets.
