What do you do if you buy a new property that’s only 30% occupied? You cut the rent. That’s what Dhanani Private Equity plans to do with its recently purchased Galleria Park in Houston. The project includes two office buildings and retail space.

Acore Capital sold the 400,000 square foot complex to Dhanani, who typically buys suburban properties. “This is our first trophy asset in the Galleria market and it’s an institutional-quality asset,” said Nick Dhanani. Dhanani added that he can afford the discounted rents because of the relatively good price he got for the property and the fact that it has been well maintained. JLL, who marketed the property said, The previous owners poured about $15 million into upgrading the 1970s-era buildings since 2015.

Dhanani said his firm is negotiating for a 10,000-square-foot steakhouse and upscale sushi concept in the building. If these deals come through, they will join a relatively new location for PF Chang’s in the Galleria Park.