Dinerstein Sells 82,692 SF Houston Office Building in Greenway Plaza

The Dinerstein Cos., a locally based owner-operator, has sold 3411 Richmond, an 82,692-square-foot office building in Houston's Greenway Plaza district. The seven-story property was built in 1968 and renovated in 1996, and it was 89 percent leased when the deal closed.

Marty Hogan of JLL and David Anderson of Cresa represented the seller in the transaction. On the buyer side, Evelyn Ward and Paula Musa of Transwestern represented HRGI Development LLC.

The transaction adds another mid-sized office asset to the Greenway Plaza submarket, where older Class B buildings with high occupancy continue to change hands. The report does not disclose the sale price.

For investors and lenders, the deal is a reminder that stabilized, well-leased older office stock in established Houston submarkets still trades, and that buyers are willing to acquire it at high occupancy levels.