Granite Properties Lands HQ Lease at Houston Campus

Diamond Offshore Drilling has agreed to occupy three floors at the One Eldridge office tower.

One Eldridge, Houston

One Eldridge. Image courtesy of Granite Properties

Granite Properties has secured a tenant looking to relocate its headquarters to the One Eldridge office tower in Houston. Diamond Offshore Drilling Inc. signed a lease for three floors totaling 62,584 square feet within the 12-story building.

JLL’s Lonna Jenks and Transwestern’s Eric Anderson represented Diamond Offshore, while Granite was represented in-house by Jon Dutton and Andrew Elliott.

The offshore drilling contracting company will be taking up the ninth, 11th and 12th floors of One Eldridge to establish its new headquarters. Diamond Offshore is planning to relocate its current headquarters from 15415 Katy Freeway to Granite Properties’ office building in the fourth quarter of 2023, bringing along approximately 160 employees.

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The LEED Gold-certified One Eldridge tower totals 245,315 square feet and is located at 777 N. Eldridge Parkway in Houston’s Energy Corridor. The office building has nearby access to I-10, Memorial Drive, North Eldridge Parkway and is located near the city’s many restaurant and retail options.

One Eldridge is one of the three office buildings that make up the Eldridge office complex. Granite acquired the 824,632-square-foot Eldridge campus in 2019 from TIER REIT. Since then, Granite updated the property with wellness features, including an air filtration system, hands-free entry doors and touchless fixtures in the restrooms. Now, Eldridge features a greeting desk, coffee bar, cafe, fitness center and outdoor workspaces as common amenities. Following these upgrades, Granite earned new leases at the office complex, including Fluor Corp., which signed a full-building lease at Three Eldridge last month.

Developing in Texas and beyond

Besides Eldridge, Granite Properties has developed several similar office projects in the Houston area and throughout Texas. In the Dallas-Fort Worth metro, the developer topped out Granite Place II at Southlake Town Square in Southlake, Texas, in September, delivering the property in the first quarter of 2023. The office building was the second phase of the Granite Place project. The first phase, Granite Place I, is already fully occupied. In Dallas, Granite Properties partnered with Highwoods Properties to acquire a 557,000-square-foot mixed-use property for nearly $400 million in December.

Outside Texas, Granite Properties’ portfolio includes offices in Atlanta, Boston, Dallas, Denver, Nashville, Tenn., and Southern California. The developer also partnered with MetLife Investment Management to complete the Midtown Union three-tower development in September.

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