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Granite Properties Pays $78M for Eldridge Place in Energy Corridor

Granite Properties has acquired Eldridge Place, an 824,632-square foot office complex for $78.4 million. Dallas-based TIER REIT sold the three-building portfolio, which is located in the heart of the Energy Corridor.

With the acquisition of Eldridge Place, Granite expands its Houston portfolio to more than 2.3 million square feet of Class A office buildings.

Eldridge Place 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 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 Granite’s Scott Martin.

Eldridge Place is undergoing a $20.6 million capital improvement program, which will continue throughout 2019. Granite will continue to update the buildings’ amenities.

HFF’s Jeff Hollinden and Martin Hogan represented TIER REIT in the deal.

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