{"id":1004735793,"date":"2024-11-05T03:30:33","date_gmt":"2024-11-05T11:30:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735793"},"modified":"2024-11-06T08:58:43","modified_gmt":"2024-11-06T16:58:43","slug":"houston-office-asset-trades-in-27m-bankruptcy-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/houston-office-asset-trades-in-27m-bankruptcy-sale\/","title":{"rendered":"Houston Office Asset Trades in $27M Bankruptcy Sale"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"403\" height=\"302\" data-attachment-id=\"1004735795\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/houston-office-asset-trades-in-27m-bankruptcy-sale\/twentyfour25-galleria\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg\" data-orig-size=\"403,302\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Twentyfour25 Galleria\" data-image-description=\"&lt;p&gt;Exterior shot of Twentyfour25 Galleria in Houston.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Twentyfour25 Galleria. Image courtesy of Hilco Real Estate&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg?w=403\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg\" alt=\"Twentyfour25 Galleria is a 285,000-square-foot office proeprty in Houston.\" class=\"wp-image-1004735795\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg 403w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Twentyfour25-Galleria-e1730795743498.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 403px) 100vw, 403px\" \/><\/a><figcaption class=\"wp-element-caption\">Twentyfour25 Galleria came online in 1979. <em>Image courtesy of Hilco Real Estate<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Twentyfour25 Galleria, a 285,000-square-foot Class A office building in Houston, has sold for $27 million.<\/p>\n\n\n\n<p>Hilco Real Estate, appointed by the U.S. Bankruptcy Court for the Southern District of Texas, brokered the Chapter 11 Bankruptcy deal of behalf of the property\u2019s trustee, during a one-month marketing period, with the initial minimum bid price starting at $7.3 million.<\/p>\n\n\n\n<p>The bankruptcy sale was scheduled earlier this year, when The National Bank of Kuwait attempted to foreclose on the property, owned since 2013 by Jetall Capital, <em>The Real Deal<\/em> reported.<\/p>\n\n\n\n<p>The asset changed hands later, in 2018, with the new ownership being associated with the seller, according to the same source. At the time of that sale, The National Bank of Kuwait issued a $51.7 million loan, CommercialEdge shows.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/5-strategies-for-distress-buyers\/\">5 Strategies for Distress Buyers<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 1979 and upgraded in 2016 and 2020, the 11-story property features six passenger elevators, 24,700-square-foot floorplates and 938 parking spots.<\/p>\n\n\n\n<p>Amenities at Twentyfour25 Galleria include an atrium, a conference room, a fitness center, shower facilities, food services, on-site restaurants and an outdoor courtyard with seating space.<\/p>\n\n\n\n<p>Located at 2425 W. Loop S., the nearly 2.5-acre property is across Interstate 610, within Houston\u2019s the Galleria area in the Uptown District. Downtown Houston is 8 miles away and George Bush Intercontinental Airport is some 26 miles northeast.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-foreclosure-deals-on-the-rise\">Foreclosure deals on the rise<\/h2>\n\n\n\n<p>Defaults and <a href=\"https:\/\/www.commercialsearch.com\/news\/office-loan-delinquencies-rise-as-market-shifts-in-2024\/\">office loan delinquencies<\/a> are on the rise, with more than $260 billion in office loans maturing this year or set to mature by the end of 2026, according to a CommercialEdge report. Maturing loans will affect 30 percent of all office notes and more than 12,000 properties, located mostly in core submarkets.<\/p>\n\n\n\n<p>In a similar recent deal in Houston, Interra Capital Group bought <a href=\"https:\/\/www.commercialsearch.com\/news\/interra-buys-600-ksf-houston-landmark-through-foreclosure\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Esperson Buildings<\/a>. The two historic office properties changed hands for $12 million, following the foreclosure on a Metropolitan Life Insurance Co. loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> Hilco Real Estate brokered the deal.<\/p>\n","protected":false},"author":2991,"featured_media":1004735795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21783,21742,21747,51973],"tags":[35078],"class_list":["post-1004735793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-investment","category-latest","category-office","category-southwest","tag-hilco-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Houston Office Asset Trades in $27M Bankruptcy Sale - 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