Group RMC is pleased to announce its recent acquisition of Phoenix Tower, a 34-story, 630,594-square-foot premium office building located in Houston's Greenway Plaza.
New York, NY, United States, July 5, 2023 -- The acquisition further strengthens Group RMC's 22 million square foot portfolio of commercial real estate assets across the United States.
“Office is not dead - in fact, Premium Office continues to outperform," said Clarke Montross, head of investments at Group RMC. "While the current environment is no doubt extremely challenging, this was a unique opportunity to acquire a rare Trophy Asset at a highly discounted price.” Over $28.1 million in capital improvements was invested in the asset since 2017, ensuring it remains a premier destination for discerning tenants seeking modern and innovative office space. Phoenix Tower has enjoyed over 300,000 SF of new leases and renewals in the last 18 months.
Situated within proximity to numerous retail, dining, health, and entertainment options, Phoenix Tower offers unparalleled convenience for tenants. The property boasts ample parking, easy transportation access, and modern on-site amenities, making it an ideal choice for businesses looking to thrive in a vibrant and dynamic location.
At a glance
- Company
- Group RMC
- Announcement
- Acquisition
- Location
- Houston, Texas
Key figures
- Phoenix Tower size
- 630,594 square feet
- Building height
- 34 stories
- Capital improvements since 2017
- Over $28.1 million
- New leases and renewals in the last 18 months
- Over 300,000 SF
- Group RMC portfolio
- 22 million square feet
- Properties owned
- Over 210 properties
People
- Clarke MontrossHead of investments at Group RMC
Products and programs
The seller of Phoenix Tower is a joint venture between Parkway Property Investments, CPP Investments, and Nuveen which in 2022 defaulted on their broader Greenway Plaza loan issued by Goldman Sachs.
The acquisition was financed through a partnership with Southside Bank, a trusted lender that shares Group RMC's vision and commitment to fostering growth and innovation in the real estate sector.
For more information about Group RMC and its portfolio, please visit https://www.grouprmc.com/.
About the company: Group RMC is a private partnership co-investment group focused on value investing and long-term ownership. The company primarily invests in commercial real estate debt and equity and select specialty real estate investments, including REIT recapitalizations, real estate royalties, land-banking, and other special situations. Group RMC currently owns over 210 properties totaling approximately 22 million square feet across 14 states.
Contact Info:
Name: Group RMC
Email: Send Email
Organization: Group RMC
Address: One World Trade Center Suite 83G New York, NY 10007
Phone: +19175039730
Website: https://www.grouprmc.com/
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.
Questions around this news
What did Group RMC acquire in Houston?
The release says Group RMC acquired Phoenix Tower, a 34-story office building in Houston’s Greenway Plaza. It describes the property as a premium office asset and reports that it measures 630,594 square feet. The release also notes that more than $28.1 million had been invested in capital improvements since 2017.
How was the Phoenix Tower acquisition financed?
The release says the acquisition was financed through a partnership with Southside Bank. It does not provide the loan amount, interest rate, repayment schedule, or other financing terms. The seller was described as a joint venture involving Parkway Property Investments, CPP Investments, and Nuveen.
What does “trophy asset” mean in commercial real estate?
A trophy asset is a property regarded as especially prestigious or desirable, often because of its location, design, quality, or prominence in its market. The label is commonly used for high-profile real estate, but it is not a formal classification with a single universal standard.
What is a joint venture in commercial real estate?
A joint venture is an arrangement in which two or more parties collaborate on a project or investment. In commercial real estate, participants may contribute capital, property, expertise, or other resources, and their agreement typically sets out how responsibilities, decision-making, risks, and returns are shared.
