Granite’s Eldridge Almost Fully Leased, Signed 564,302 SF of Leases in 2023
The Class-A, Three-Building Office Complex in Houston’s Energy Corridor is 95% Leased
HOUSTON – January 11, 2024 – Granite Properties, a commercial real estate investment, development and management company, today announced that Eldridge, an 824,632 square feet, Class-A, three-building office complex in Houston’s Energy Corridor is 95 percent leased. Eldridge signed 21 leases with large and small companies in 2023 totaling 564,302 square feet.
“Strength of ownership played a key role in almost fully leasing Eldridge’s three buildings. Companies favor the highest quality office buildings where they know ownership is focused on enhancing the work experience so that employees enjoy coming to the office. In today’s environment where some buildings are struggling to refinance or make debt payments, Granite’s Houston Office portfolio is debt free, assuring costumers the stability of ownership,” said Scott Martin, Executive Managing Director, Granite Properties. “The Energy Corridor is having a major resurgence, and Eldridge is at the heart. Companies want to be close to where their employees live to shorten commute times, and be close to their clients as well,” he added.
Granite signed 21 leases in 2023, including fully leasing Ready Collective, Granite’s 20,993 move-in ready workspace product at Two Eldridge, attracting a variety of companies in the fields of construction, carbon emissions technology, financial services, and data analytics. Ready Collective offers eight private, fully-furnished and wired office suites, inclusive of communal space and shared amenities. As previously reported, in June 2023, Diamond Offshore signed a headquarters lease for three floors (62,584 square feet) at One Eldridge.
“The Energy Corridor District is a prime destination for dynamic businesses, and the consistent growth over the last several years is a testament to such. With the recent leases at Granite’s Eldridge, along with the many other successful leases across the corridor in 2023, the District continues to showcase itself as a unique community that is driving the future of global energy,” said Elijah J. Williams, Executive Director, The Energy Corridor.
Granite acquired Eldridge in 2019 and completed upgrading the buildings, including new hospitality driven lobbies, outdoor workspaces, an indoor air filtration system, and touchless features. The firm added a Customer Connection Center which opened in 2020 and is accessible to all Granite customers. The center has a greeting desk, coffee bar, space for an EATS café, a MOVE fitness center with virtual classes, lockers and showers, and three MEET conference rooms, including a training facility and phone room.
Granite acquired Eldridge knowing over 600,000 square feet of office space would become available. While leasing slowed during the pandemic, Granite’s in-house leasing team saw a dramatic increase in demand for Eldridge and The Energy Corridor in 2023.
Eldridge consists of:
•One Eldridge, a 12-story, Class-A, 245,315 square feet, LEED Gold certified office building located on 777 N. Eldridge Parkway. It is 87 percent leased.
•Two Eldridge, a 14-story, Class-A, 275,283 square feet, LEED Gold certified building located on 757 N. Eldridge Parkway. It is 97 percent leased.
•Three Eldridge, a 13-story, Class-A 308,186 square feet, LEED Silver certified office building located on 737 N. Eldridge Parkway. It is 100 percent leased.
Eldridge is surrounded by popular restaurants and retail. It has connected and covered parking with direct access to Interstate-10, Memorial Drive and Eldridge Parkway. The office complex provides an abundance of natural light and is walking distance from Terry Hershey Park, offering public green space and trails. A rooftop beehive program in collaboration with urban beekeeper, Alveole, is situated on a new living roof. The Granite Property Experience Team at Eldridge organizes social activities, charity efforts, and professional development events through Granite’s signature customer engagement program, TogetherWeConnect.
In November 2023, Eldridge One and Two earned BOMA 360 Performance Program designation certifying operation excellence and adoption of best practices in commercial real estate.
Granite’s in-house leasing team, Jon Dutton and Andrew Elliott, is leasing Eldridge.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. The firm owns 11 million square feet of high-quality office space in Dallas, Houston, Atlanta, Denver, Southern California, Boston and Nashville. Granite is an established investor, developer and manager with a focus on sustainable, highly amenitized projects. It has completed more than $10 billion in real estate transactions and more than 30 million square feet of real estate development and acquisitions. Current active development projects in Boston, and Dallas total over 1.6 million square feet with total costs over $1.2 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features. Granite, NAIOP’s 2022 Developer of the Year, was named one of Fortune Magazine’s Best Workplaces nine times, ranking #8 on their 2022 Best Workplaces in Real Estate list. For more information, visit: graniteprop.com.