PRESS RELEASE: Granite Properties Acquires Eldridge Place, an 824,632 SF Office Complex in Houston’s Energy Corridor
Granite Expands Houston Portfolio
Houston – January 31, 2019 – Granite Properties, a commercial real estate investment, development and management company, announced today it has acquired Eldridge Place, an 824,632 square foot, Class A three-building office complex in the heart of the Energy Corridor in West Houston for $78.4 million. Jeff Hollinden, Senior Managing Director and Martin Hogan, Senior Director of HFF represented the seller. Scott Martin, Executive Managing Director and Paul Bennett, Senior Director of Investments of Granite Properties, represented Granite. Eldridge Place is being leased by Granite led by Steve West, Senior Director of Leasing at Granite.
Located at 737, 757 and 777 N. Eldridge Parkway, the complex has direct access to Interstate-10, Memorial Drive and North Eldridge Parkway and is in close proximity to West Houston, home to many of the Energy Corridor’s employee base. The three properties are undergoing a $20.6 million capital improvement program, which will continue through 2019, and include fully renovated lobbies and mechanical upgrades, and the raising of the electrical source to protect the properties from future weather events. Granite will continue to update the buildings’ amenities including the onsite conference center, fitness center and cafe. The complex offers in excess of 600,000 square foot of space in the coming five years. Three Eldridge Place will be available for a full-building user in January 2020. It features a commercial kitchen, cafeteria, a large lunchroom, conference and training center, and a customer lounge.
“With the continued recovery of the Houston economy and Houston’s solid job growth, we’re working to expand our Houston portfolio with high quality assets in great locations, like Eldridge Place,” said Scott Martin, Granite Executive Managing Director. “As real estate owner, we look forward to providing a customer centric work environment that enhances productivity and fosters community,” he added.
The Granite team will implement building-wide community enhancing programs focused on creating memorable experiences as well as offering opportunities for customers to network, collaborate and enhance their productivity. Eldridge Place is committed to reducing its environmental footprint and is LEED certified and Energy Star-rated. Contributing to wellness and fitness, the project offers an abundance of natural light and is walking distance from Terry Hershey Park, which contains 496 acres of public green space with a 12.2 mile trail for breaks, outside walking meetings or a work out.
Eldridge Place features connected, covered parking and consists of:
- One Eldridge Place, located on 777 N. Eldridge Parkway, a 12-story, 239,417 square foot building that’s 62.1% leased.
- Two Eldridge Place, located on 757 N. Eldridge Parkway, a 14-story, 279,329 square foot building that’s 77.9% leased.
- Three Eldridge Place, located on 737 N. Eldridge Parkway, a 13-story, 305,886 square foot building that’s 71.1% leased.
With the acquisition of Eldridge Place, Granite expands its Houston portfolio to more than 2.3 million square feet of Class A office buildings. Granite also owns and manages 3355 W. Alabama, 2925 Briarpark, Weslayan Tower-24 Greenway Plaza, Granite Tower 290 and Briarpark Green in Houston.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991, with offices in Dallas, Houston, Atlanta, Denver and Southern California. It has completed more than $6.8 billion in real estate transactions and more than 26 million square feet of real estate development and acquisitions. Granite focuses its expertise, business approach and financial resources to help their customers, communities and their people flourish through the places it creates. Granite, a NREI Top Office Owner, has been named as one of FORTUNE’s Best Workplaces for seven consecutive years. For more information, please visit www.graniteprop.com