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Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

Eldridge-Place-Houston

Eldridge Place in Houston totals 824,632 square feet across three buildings. TIER REIT Inc. sold the office complex to Granite Properties for $78.4 million.

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

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