Tilman Buys Prime Property, Market briefs

In Houston, Billionaire Tilman J. Fertitta has purchased a prime property on Memorial Drive, near River Oaks, in what appears to be key to an assemblage for investment or a development opportunity.

The 1.63-acre site, where Comerica Bank is now located, is in close proximity to Fertitta Brenner’s on the Bayou steakhouse and a nearby event hall called the White House.

The property is west of Shepherd Drive, north of Buffalo Bayou and east of Memorial Park in an affluent ZIP code not far from Downtown Houston.

“When the opportunity to acquire this building on Memorial Drive was presented, it was a no-brainer,” said Fertitta. “Memorial Drive is a renowned thoroughfare in Houston, and the synergy with Brenner’s on the Bayou nearby made the decision simple. The adjacency of River Oaks and Memorial Park only enhances the appeal of this location, and we look forward to expanding our business in this area.”

Fertitta controls the massive Landry’s restaurant organization, the Golden Nugget casino hotel chain and a number of five-star hotels, including the 38-story Post Oak Hotel on Loop 610. He also owns the Houston Rockets of the NBA.

It has not been disclosed how the Memorial Drive building will fit into Fertitta’s future plans. The 17,829-SF, two-story building 5757 Memorial Drive, will be occupied by Comerica Bank until summer 2024.

“We are constantly evaluating real estate opportunities and I am thrilled to add this premium location to our expanding portfolio,” said Fertitta. “This property represents more than real estate; it is a great asset strategically positioned to create opportunities that will only further elevate the already dynamic area.”

Prominent in the Houston business community, Fertitta, chairman of the board of regents at the University of Houston, has been reported to have net worth over $7.5 billion.

Born on the island of Galveston, Fertitta, who is of Sicilian descent, worked as a boy peeling shrimp at his father’s seafood restaurant. In 1980, Tilman founded Landry’s Seafood in Katy and went on from there to create a restaurant empire with 600 eateries, including Morton’s Steakhouse, Del Frisco’s, The Palm, McCormick & Schmick’s, Bubba Gump Shrimp and many more

Fertitta is currently working to develop a major casino hotel on the Las Vegas Strip, at the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six-acre site is catty-cornered from the Cosmopolitan casino hotel. Fertitta’s new Vegas development is slated to include a 43-story hotel tower and a major casino.