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HOUSTON-In its second west Houston acquisition and fourth in the metro area to date, Behringer Harvard REIT I Inc. acquired One and Two Eldridge Place, adjacent class A office buildings. The Dallas-based REIT paid $101 million to acquire the 518,746-sf properties from TR Eldridge Place Corp. in Houston.

Built during the mid-1980s, the buildings at 777 N. Eldridge Pkwy. and 757 N. Eldridge Pkwy. are 94% occupied with major tenants including McDermott International, CMC Construction Services and PricewaterhouseCoopers LLC. “There are fairly long-term leases in place from companies that are making a significant difference in the oil and gas sector,” comments Jason Mattox, Behringer Harvard’s executive vice president.

He tells GlobeSt.com that the appeal of One and Two Eldridge Place was the submarket. In addition, “this is a class A vintage property with construction quality that’s rare in Houston and the Energy Corridor,” he comments. “It’s a unique asset with a strong layout to attract credits to the submarket.”

Some years ago, the REIT acquired the 171,091-sf Enclave on the Lake at 1255 Enclave Pkwy. Also in the portfolio are the 507,470-sf Travis Tower in the CBD at 1301 Travis St. and the 227,486-sf AMEC Paragon Buildings I and II off the Sam Houston Toll Road.

Whether more will be acquired in the near future is subject to speculation, he says. “We can’t comment now on what’s in our pipeline, but we’ve demonstrated a pattern of interest here,” he adds. “It’s likely we’ll continue looking for solid assets both there and in other strong submarkets.”

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