Sold for $155M: Three Building Eldridge Place Campus

In Houston, Cross Ocean Partners and Houston-based Fuller Realty have purchased Eldridge Place, a three-building office campus totaling 829,000 sq ft in the Energy Corridor.

The buildings are situated on North Eldridge Parkway at Memorial Drive, with two constructed in the mid 1980s and the third in 2008.

The deal marks Dallas-based Granite Properties’ exit from the property after seven years of ownership that brought a modernization of the campus with new amenities, building systems and a slate of new tenants. The complex is 94% leased. The sales price was $155 million or $187 per SF, as stated by Real Estate Alert. Granite purchased the buildings in 2019 for $78.4 million from TIER REIT.

Jeff Hollinden, Kevin McConn, Rick Goings, and Marty Hogan of JLL Capital Markets represented Granite Properties in the transaction, continuing a string of Houston office building sales JLL has completed in the last year or two.

Eldridge Place tenants include Fluor Corp., which occupies 413,000 sq ft across the campus including the all of Three Eldridge, SM Energy, Pemex Procurement International, Baker Engineering and Risk Consultants, Certarus, and Petrobras America.

The campus has undergone more than $20 million of capital improvements since 2019, including hospitality driven lobbies, elevator modernization, upgraded building systems and restrooms, and an indoor air filtration system. Amenities include a fitness center, pickleball courts, a full-service deli, conference facility, and outdoor workspaces.

“We continue to see compelling opportunities to acquire high-quality office assets with strong in-place cash flow at attractive bases, particularly in markets and submarkets demonstrating durable tenant demand,” said Terence Kim, Managing Director, US Credit at Cross Ocean. “Eldridge Place fits squarely within that strategy, with strong occupancy, a high-quality tenant base and significant recent investment in the campus. We are excited to partner with Fuller Realty and leverage their deep local market expertise and operating capabilities.”

Cross Ocean Partners, a global asset management platform focused on special situations, credit and hard asset investments, has offices in Greenwich, Conn., London, and Dublin. The deal represents the company’s eighth U.S. office purchase, totaling 4.5 million sq ft, since 2024.

The purchase consists of One Eldridge, a 12-story building with 245,315 SF at 777 N. Eldridge Parkway, Two Eldridge, a 14-story building with 275,283 SF at 757 N. Eldridge Parkway, and Three Eldridge, a 13-story building with 308,186 SF at 737 N. Eldridge Parkway.

“Eldridge Place is one of the premier office campuses in the Energy Corridor and is exceptionally well positioned within the West Houston market,” said Johnny Kight, Principal at Fuller Realty. “The property combines a strong existing tenant base with high-quality amenities and a location that continues to benefit from Houston’s westward growth. We look forward to bringing our local operating experience to the campus and building on the significant leasing momentum already achieved at the property.”

Granite Properties, a privately held commercial real estate investment, development and management company, owns Briarpark Green, 3355 W. Alabama, and Weslayan Tower in Houston. The company sold 2925 Briarpark, a 134,000-SF office building in Westchase, last year.

Founded in 1979, Fuller Realty provides acquisitions and investment management, property management, leasing, brokerage and construction management services. The company has approximately $1 billion assets under management and 6.4 million sq ft across Texas.