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TH Real Estate and Silverpeak Real Estate Partners, create partnership and form JV with CPPIB and Parkway on Greenway Portfolio in Houston

Greenway portfolio

A partnership between TH Real Estate and Silverpeak Real Estate Partners ('Silverpeak') completed the acquisition of a 24.5% interest in Greenway Plaza and Phoenix Tower, (collectively, the 'Greenway Portfolio') in Houston, TX, in a transaction that values the Greenway Portfolio at $1.045bn.

Canada Pension Plan Investment Board ('CPPIB') has also completed the purchase of a 24.5% stake in the Greenway Portfolio. The seller, an affiliate of Parkway, Inc. (NYSE: PKY), has retained a 51% stake and will continue to be responsible for the property management and leasing activities of the Greenway Portfolio.
TH Real Estate and Silverpeak, as co-General Partners of the 24.5% partnership, are investing on behalf of the TIAA General Account, Silverpeak and other domestic and international institutional investors, two of which have invested through LaSalle Investment Management.
Located in Houston’s Greenway submarket, the Greenway Portfolio is comprised of 11 institutional-quality office properties totaling approximately five million sq ft across 54 acres. The Greenway Portfolio is proximate to Houston’s most prestigious residential neighbourhoods, with convenient transportation links to the central business district and the Texas Medical Center.
"Houston is one of the most populous regions in the US and has strong economic activity, driven by a variety of industries including energy, healthcare, education, logistics and transportation," said Mike Fisk, Managing Director and Head of Strategic Transactions at TH Real Estate. "It’s a market that has demonstrated resilience throughout past cycles and historically been a strong total return performer relative to other gateway markets over longer time periods."
"We are excited to partner with TH Real Estate, CPPIB and Parkway on this joint venture," said Brett Bossung, a partner at Silverpeak. "The transaction provides a tremendous opportunity to acquire a large-scale, landmark Houston office complex in a market where we see long-term growth."

TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. COMP201700245

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