20 GREENWAY, Houston

TPMC acquired 20 Greenway in 1994.  Located in Houston, 20 Greenway is a ten-story Class A office building containing 436,038 square feet.  The building is located in Greenway Plaza, a niche sub-market containing 4.4 million square feet across ten different buildings.

20 Greenway was originally constructed in 1984 as a design center.  The development’s limitations included having very few windows and insufficient parking.  These limitations led to the building becoming shuttered and remaining vacant for several years. 

While other potential acquirers focused on the building’s negative attributes, TPMC focused on its potential.  Originally constructed for more than $200/square foot, the granite-clad building had essentially been written off by the Bank.

In 1997, TPMC sold 20 Greenway with the condition that TPMC would construct a parking garage for the building on the adjacent land.  Concurrent to signing the purchase agreement with Koch Industries, TPMC purchased the four acres of land adjacent to 20 Greenway to build the Edwards Entertainment Complex which included a 2,200 space parking garage sandwiched between a movie theatre and 20 Greenway.