Serac, National Real Estate buy Greenway Plaza tower

Serac Capital Partners and National Real Estate Advisors have acquired 3737 Buffalo Speedway, an 18-story, 390,919-square-foot office tower at Buffalo Speedway and Richmond Avenue in Houston's Greenway Plaza, from Madison Marquette, Connect CRE reports. The announcement carries no purchase price; the only valuation marker in Houston public records is a tax appraisal of $136.3 million as of Jan. 1.

Designed by Elkus Manfredi and constructed by Harvey-Cleary Builders, the tower carries the amenity set of a professional-services building: a conference center, a fitness center, 24-hour security, and two on-site restaurants, including Eunice, a modern Cajun-Creole restaurant and raw bar. Its tenant roster already includes private equity firms, family offices, foundations, law firms, and Fortune 100 companies, and the Dinerstein Cos. is taking 34,400 square feet on the ninth floor with a build-out scheduled to finish in early 2027.

The deal lands directly on an argument this desk has made: office clearing trades will start with buildings already holding the institutional economy, leaving shells waiting for a redevelopment story to trade later. Serac and National Real Estate are buying an occupied tower where family offices and foundations already sit; the underwriting is a retention story, not a re-leasing gamble. The $136.3 million tax appraisal is the only valuation public records provide. The tenant list is the more serious number.

Because the sale price did not come with the announcement, the tax appraisal becomes the default talking number until the next deed appears in the county records. That makes the trade a small pricing event in itself: the next office buyer and seller in Houston will be negotiating against 3737 Buffalo Speedway, whether they name it or not.