{"id":1004296043,"date":"2019-02-04T04:40:27","date_gmt":"2019-02-04T12:40:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004296043"},"modified":"2019-02-04T11:58:42","modified_gmt":"2019-02-04T19:58:42","slug":"granite-properties-buys-houston-office-complex-for-78m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/granite-properties-buys-houston-office-complex-for-78m\/","title":{"rendered":"Granite Properties Buys Houston Office Complex for $78M"},"content":{"rendered":"

Granite Properties has increased its Houston footprint by approximately 824,000 square feet. The company acquired Eldridge Place, a three-tower office complex in the city\u2019s Energy Corridor, from TIER REIT in a transaction valued at $78.4 million.<\/p>\n

Located at 737, 757 and 777 N. Eldridge Parkway, the property encompasses One and Two Eldridge Place, built in 1984 and 1986, respectively, and Three Eldridge Place, which opened in 2009. The towers, standing between 12 and 14 stories tall, range in size from roughly 239,400 to 305,900 square feet.<\/p>\n

According to Yardi Matrix, Eldridge Place last traded for $103 million in 2006, when it consisted of just One and Two Eldridge. The drastic drop in the sale price 13 years later has less to do with the complex being only 70.4 percent leased or Three Eldridge\u2019s impending full-building vacancy, and more to do with the complex having been significantly damaged by of 2017\u2019s Hurricane Harvey<\/a>. The building was fully repaired and reopened in April 2018.<\/p>\n

All three structures are LEED Gold certified, undergoing a $20.6 million capital improvement program scheduled to reach completion at the end of 2019. Granite relied on internal representation in the transaction, while TIER REIT turned to HFF\u2019s Jeff Hollinden and Martin Hogan.<\/p>\n

\u201cWith the continued recovery of the Houston economy and Houston\u2019s solid job growth, we\u2019re working to expand our Houston portfolio with high-quality assets in great locations, like Eldridge Place,\u201d<\/em> Scott Martin, executive managing director with Granite Properties, said in a prepared statement.  <\/p>\n

Hovering over Houston<\/h2>\n

The Eldridge Place deal increases Granite\u2019s Class A office portfolio in Houston to approximately 2.3 million square feet. While the year-over-year office sales volume in the metro dropped a notable 44.9 percent in 2018, the investment community\u2019s attraction has not waned, according to a report by Transwestern, and the numbers will soon again serve as evidence of the commitment.<\/p>\n

\u201cInvestor interest remains elevated given the strong fundamentals and rapid growth of the market,\u201d<\/em> per the Transwestern report. \u201cThat said, the current spread between bid and ask has investors waiting for this delta to reduce before moving forward. Activity should pick back up in 2019 as both off-market and on-market transactions pique investor interest as they look to expand their portfolios.\u201d<\/em><\/p>\n

Images courtesy of Granite Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase of Eldridge Place, an 824,000-square-foot property in the Energy Corridor, increases the company\u2019s presence in the city to more than 2.3 million square feet. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21783,21742,21747],"tags":[36351,35877,32792,32779,33579,33313],"class_list":["post-1004296043","post","type-post","status-publish","format-standard","hentry","category-deals","category-featured","category-houston","category-investment","category-latest","category-office","tag-capital-improvement","tag-granite-properties","tag-hff","tag-leed","tag-tier-reit-inc","tag-transwestern"],"acf":[],"yoast_head":"\nGranite Properties Buys Houston Office Complex for $78M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/granite-properties-buys-houston-office-complex-for-78m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Granite Properties Buys Houston Office Complex for $78M\" \/>\n<meta property=\"og:description\" content=\"The purchase of Eldridge Place, an 824,000-square-foot property in the Energy Corridor, increases the company\u2019s presence in the city to more than 2.3 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/granite-properties-buys-houston-office-complex-for-78m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-04T12:40:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-04T19:58:42+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-buys-houston-office-complex-for-78m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-buys-houston-office-complex-for-78m\/\",\"name\":\"Granite Properties Buys Houston Office Complex for $78M - 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