A once-thriving Houston office hub valued at nearly $1 billion has been handed a dramatic lifeline after a $416 million takeover following years of decline.

Greenway Plaza, a sprawling 53-acre campus along Interstate 69 inside the city’s upscale Inner Loop near River Oaks and Upper Kirby, has been acquired by Interra Capital Group after its previous owners defaulted on hundreds of millions in debt.

The deal was not a traditional sale. Instead, Interra assumed roughly $416.2 million tied to the struggling complex and injected about $15 million in cash, according to court filings. The total purchase price was not disclosed.

The 4.5 million-square-foot development was once a centerpiece of Houston’s business scene but in recent years has struggled to compete, with companies abandoning older office space in favor of newer, amenity-rich buildings.

By the time of the takeover, the campus was about 57 percent occupied.

The property had been under pressure since 2022, when a $465 million loan tied to the campus came due.

Its former ownership group, including Canada Pension Plan Investment Board, Nuveen Real Estate and Silverpeak Real Estate Partners, later defaulted, triggering a drawn-out restructuring.

In 2023, court-appointed receiver Trigild Texas stepped in to oversee the distressed asset, replacing the property’s management team after concerns raised in loan filings over expense reporting and budgeting.

Behind the scenes, control of the complex shifted multiple times, with leasing and management handed between firms as efforts were made to stabilize operations.

At the same time, a steady stream of high-profile tenants walked away.

Energy trading firm Mercuria signaled plans to relocate its US headquarters, while Mitsubishi Heavy Industries America Inc. moved to a larger space elsewhere in the city.

Camden Property Trust also exited the campus, and long-time tenant Invesco Group Services Inc. significantly downsized its footprint after decades at the site.

At its peak about a decade ago, Greenway Plaza was valued at roughly $1 billion. Its decline mirrors broader struggles across the commercial real estate sector as demand for traditional office space has weakened.

Interra said it plans to reposition the campus over time, though it has not outlined specific redevelopment plans.

The firm said the property will become a flagship asset in its portfolio.

The company has already brought in CBRE to handle leasing, with a focus on retaining existing tenants and attracting new ones.

Interra CEO Jack Polatsek described the property as a long-term investment opportunity.

'Greenway Plaza is one of the most iconic and strategically important business campuses in Houston,' Polatsek said in a statement. 'This is a generational asset with unmatched scale, a premier infill location and tremendous long-term potential.'