Cross Ocean JV Buys Houston Office Campus
This property previously traded in 2019 for $78 million.
Cross Ocean Partners and Fuller Realty have acquired Eldridge Place, a three-building, 828,784-square-foot office campus in Houston’s Energy Corridor. The last time the asset traded hands, in 2019, Granite Properties paid $78.4 million to seller TIER REIT, according to Yardi Matrix information.
Eldridge Place consists of the 245,315-square-foot One Eldridge Place, the 275,283-square-foot Two Eldridge Place, and the 308,186-square-foot Three Eldridge Place. One and Two were developed in 1986, while Three came online in 2008.
Located at 737, 757 and 777 N. Eldridge Parkway, the buildings were 94 percent leased all together at the time of sale. The property’s anchor tenant is Fluor Corp., an engineering and construction company, which occupies about 413,000 square feet, including the entirety of Three Eldridge Place.
Other notable tenants at the complex include SM Energy, Pemex Procurement International, Baker Engineering and Risk Consultants, Certarus and Petrobras America.
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The buildings have seen more than $20 million of capital improvements since 2019, including renovated lobbies and common areas, elevator modernization and upgraded building systems. Enhanced common-area amenities include a resort-style fitness center, pickleball courts, a full-service deli and a conference facility. The property is LEED Gold certified, the same source shows.
Cross Ocean is a global asset management platform with about $12.2 billion of assets under management and offices in the U.S. and Europe. The Eldridge Place deal marks the firm’s eighth U.S. office acquisition since 2024. Together, those purchases total about 4.5 million square feet.
Fuller Realty is a Houston-based commercial real estate investment and operating firm. Most of its holdings are in the Houston market.
Houston office vacancies high, investment brisk
Houston remains a high-vacancy office market, coming in at 24.1 percent vacancy rate in July, according to a Yardi Matrix report. That figure was higher than in every major U.S. market except San Francisco (26 percent), Seattle (24.9 percent) and Austin (24.5 percent). Over the last 12 months, the metro’s office vacancy rate rose 330 basis points.
Even so, investors are interested in the market, with Houston seeing nearly $1.5 billion in office deal volume during the first seven months of 2026. That total puts the metro at number six nationally by that metric.
In one of the largest deals, Interra Capital Group acquired Greenway Plaza, a 4.5 million-square-foot mixed-use office campus. The property, totaling 53 acres, is one of the largest infill business districts in the U.S.
More recently, The Wideman Co. purchased TotalEnergies Tower, a 35-story office building in downtown Houston. Brookfield Properties sold the 850,000-square-foot asset.
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