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SLS Buys Distressed Galleria-Area Office Tower
SLS Properties acquired the Galleria-area office building at 2425 W. Loop S. The Houston Business Journal reports that SLS paid $27 million for the 11-story, 285,000-square-foot building, which was part of a bankruptcy sale. Galleria 2425 Owner LLC, an entity connected to Jetall Capital, previously owned the building.
The seller was represented by JLL’s Rick Goings, Marty Hogan and Davis Adams. SLS represented itself. Notable architect I. M. Pei designed the building.
2425 West Loop South’s existing amenities include six elevators, multiple conference centers, and a fitness center. SLS Properties plans to upgrade the building’s exterior and much of the interior.
While the building is currently vacant, SLS is working with multiple brokers to find a qualified tenant. SLS is expected to continue overseeing leasing efforts. SLS is also planning to revamp the nearby former Chevron campus, which it acquired in 2018.
More recently, the company acquired Baybrook Passage in Webster last year.
- ◦Sale/Acquisition
