HRGI Development Acquires 82,692-SF Greenway Plaza Office Building in Houston; JLL, Transwestern and Cresa Broker Deal

HRGI Development, LLC has purchased 3411 Richmond, an 82,692-square-foot office building in Houston's Greenway Plaza submarket, from The Dinerstein Companies, JLL announced Aug. 24.

JLL Capital Markets Managing Director Marty Hogan and David Anderson of Cresa represented the seller. Transwestern Executive Vice President Evelyn Ward and Vice President Paula Musa represented the buyer, HRGI Development, LLC.

Property Details and Occupancy

3411 Richmond is a seven-story office building located at 3411 Richmond Avenue in Houston, Texas. Originally constructed in 1968 and fully renovated in 1996, the property is 89% leased at the time of sale. Tenants include DMC Builders. The financial terms of the transaction were not disclosed.

The building's infill location along Richmond Avenue places it immediately adjacent to Greenway Plaza and The RO, one of Houston's newest master-planned development projects. When complete, The RO is expected to include 1.3 million square feet of Class AA office space, 738 luxury residential units, 105 boutique hotel keys, 44 branded residences, and 70,000 square feet of retail and restaurant space. The property also offers access to Interstate 69 and Loop 610.

Transaction Strategy and Broker Commentary

The deal is structured as a value-add acquisition, with the buyer positioned to consolidate office operations at the site while benefiting from the area's ongoing redevelopment activity.

"The sale of 3411 Richmond provides a new owner the opportunity to consolidate their offices into one location and capitalize on the building's location next to one of the most anticipated redevelopments in the city," said Hogan. "There has never been a greater opportunity to purchase value-add office properties in the right markets and create exceptional return on your investment."

The Dinerstein Companies, the seller, has more than 70 years of experience developing multifamily properties in high-growth submarkets across the country. Transwestern, which represented HRGI Development, LLC, is a vertically integrated commercial real estate firm that owns, leases, and operates $64 billion in assets across a range of property types through 35 offices nationwide.

Houston and Greenway Plaza Market Context

Houston's office market continues to navigate elevated vacancy, though Greenway Plaza has shown relative resilience compared to broader citywide conditions. Greenway Plaza vacancy was reported at approximately 23.8% in early 2026, near the citywide average of 24.0%, with a separate second-quarter 2026 report placing submarket vacancy at 28.2%. Direct asking rents in Greenway Plaza were reported at approximately $37.19 per square foot.

Houston's population has grown approximately 60% since 2010, and an additional roughly 400,000 residents are forecast to be added by 2028. The city's cost of living, tax climate, and quality of life have attracted more than 50 corporate headquarters.

The 3411 Richmond transaction reflects continued selective investor activity in Houston office, particularly for assets with stable tenancy, urban infill positioning, and proximity to major new development corridors. JLL Capital Markets reported company-wide revenue of $6.93 billion in the second quarter of 2026, up 11% from $6.25 billion in the same period a year earlier, and first-half 2026 revenue of $13.31 billion, also up 11% year over year.

About the Firms

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. Its services include investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory, and energy and infrastructure advisory. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce of more than 112,000 as of June 30, 2026.

Transwestern operates across 35 offices nationwide and manages $64 billion in assets across property types including office, logistics, multifamily, retail, mixed-use, healthcare, data centers, hotel, and life sciences.

Cresa co-represented The Dinerstein Companies in the transaction alongside JLL.

Sources

JLL Newsroom: JLL Capital Markets arranges sale of Greenway Plaza office property (Aug. 24, 2026)