HOUSTON – Boxer Property CEO Andrew Segal, a prominent figure in Houston real estate investment, has made a strategic move on property near the Pierce Elevated, a downtown freeway scheduled for removal.
Boxer recently purchased the 136,000-square-foot St. Joseph Professional Building, located roughly 100 feet from the elevated freeway. The Texas Department of Transportation plans to reroute the Pierce Elevated—part of Interstate 45—shifting it to the east side of downtown near the George R. Brown Convention Center.
The removal of the Pierce Elevated is expected to be transformative. For decades the structure has acted as a significant barrier between downtown and Midtown Houston.
Segal’s interest in this area is notable. He began his investment career in Houston in the early 1990s, shortly after the city suffered a severe economic downturn tied to a collapse in oil prices and widespread job losses. During that period foreclosures were common and property values were depressed.
Capitalizing on the distressed market, Segal focused on acquiring Class C office buildings. Boxer offered affordable rents that appealed to small businesses and entrepreneurs rebuilding after the crash. The company became recognizable for bright yellow signs advertising “777-RENT” to lease budget-friendly space.
Segal built Boxer into a national platform. By timing purchases and sales across multiple markets—buying when prices were low and exiting when they rose—he grew the company’s holdings. Today, Houston-based Boxer manages a portfolio of roughly 17 million square feet across more than 100 properties nationwide.
The Pierce Elevated Play
Freeways often function as formidable barriers to urban development, separating neighborhoods and shaping property values. The Pierce Elevated has long acted as a physical and psychological divide between Downtown and Midtown.
Removing the Elevated would eliminate that barrier, allowing Downtown and Midtown to merge more seamlessly. Areas of northeastern Midtown could become attractive for new high-rise offices and residential projects, driving up land values and increasing tax revenues for local governments.
This pattern has precedent. In Dallas, land values adjacent to Klyde Warren Park—which was created by decking over a former freeway—rose significantly. According to commercial real estate professionals there, nearby land and parking-lot values increased quickly after the park opened.
A Mile of Filth
The area beneath the Pierce Elevated is currently a long strip of degraded space—concrete dust, noise from constant traffic overhead, and years of informal use as campsites for unhoused people. For decades the under-freeway space has been associated with blight and neglect.
Imagine that strip repurposed: sold for residential development, converted into pocket parks, or otherwise reclaimed as usable green space. Transforming this noisy, dirty corridor into attractive, usable land would change how the area is perceived and could attract new investment.
Take Notice
That is the position Andrew Segal and Boxer Property are taking with this acquisition.
The newly acquired St. Joseph Professional Building at 2000 Crawford St. is an 18-story tower occupying a full block bounded by La Branch, Gray, Crawford and Pierce streets. The property is approximately 55 percent occupied.
Boxer plans to rebrand the St. Joseph building. With TxDOT’s planned rerouting of the freeway, the elevated structure adjacent to the property is expected to be removed within the next decade.
If redevelopment and public space planning are executed thoughtfully, this southern section of downtown could become a highly desirable district. Improved connectivity would enhance Midtown to the south and EaDo to the east, encouraging broader investment and development.
If redevelopment goes well, Boxer Property will likely be one of the first—rather than the last—investors to acquire property near the former Pierce Elevated corridor.
More Details:
Andre Pereira, Director of Acquisitions, represented Boxer Property during the transaction. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Mission Companies.