Intercontinental Park I & II, Houston, Texas

Asset Acquired:

1st & 2nd loans secured by 267,000 square foot office property

Location:

Houston, Texas

Investment Year:

2022

Intercontinental Park I & II was a non-performing loan acquisition secured by a first trust deed on two Class B Office Buildings in the Houston MSA. 16800 Greenspoint Park is 172,333 square foot, 3 Story, Class B Office Building and 16801 Greenspoint Park is 95,291 square foot, 3 Story, Class B Office Building. The two buildings sit on a combined 10.2 Acres.

In January 2022 G8 negotiated the acquisition of the subject loan securing the property directly with original lender. The loan was in maturity default and in April 2022 G8 completed the foreclosure of the asset and took direct ownership.

The two buildings are home to wide variety of office tenants. The largest tenant anchoring the project is the US Department of Justice (DOJ), occupying approximately 60,000 SF on a 17 year lease. The DOJ operates several immigration focused courtrooms and has attracted related business that benefit from proximity to the DOJ.

G8 continues to manage at the asset and has improving physical condition of the property and increasing overall occupancy.