Houston’s landmark Esperson complex has changed hands after it was sold at a foreclosure auction.
Houston-based Interra Capital Group acquired the complex, at 808 Travis Street, which comprises the historic Niels and Mellie Esperson buildings and a parking garage, the Houston Business Journal reported.
The purchase price wasn’t disclosed. The Harris Central Appraisal District assessed the 600,000-square-foot property’s value at $42.5 million this year. Cameron Management, which had owned the complex since 2012, will continue to manage the 32- and 19-story buildings under Interra’s ownership.
Interra Capital Group, headed by Jack Polatsek, plans to maintain the complex’s historical integrity.
Notable tenants include law firms Martin, Disiere, Jefferson & Wisdom, and Kirby, Mathews & Walrath, as well as engineering firm WSP and safety consulting firm Set Solutions. Its retail tenants include Amegy Bank.
Invincible, a new coworking firm founded by Houston entrepreneur Jesse Martinez, is a recent addition to the Esperson complex. The firm aims to boost Houston’s technology scene by offering flexible office spaces that blend work with events and cultural activities.
The Esperson complex is renowned for its neoclassical architecture and Art Deco elements. Designed by Austrian architect John Eberson, the complex features detailed terracotta work, columns and cornices.
The buildings were developed by Mellie Esperson in memory of her late husband, Niels, a real estate and oil tycoon. The Niels Esperson Building and Mellie Esperson Building were completed in 1927 and 1941.
Houston’s office market has been hit hard by remote-work trends since the pandemic, along with major metros across the country. Greater Houston’s office vacancy hit nearly 27 percent in the second quarter, according to Colliers. And the central business district has suffered more than other submarkets, with a vacancy rate of 32 percent in the second quarter.
Several high-profile properties have gone into the red. The 10-building Greenway Plaza, for example, is in receivership, and it recently lost Camden Realty Trust as a tenant, adding 100,000 square feet of vacancy.
— Andrew Terrell
Read more
Commercial
Houston
Clear Lake a shining star in struggling Houston office market
Commercial
Houston
Houston’s sublease availability hits lowest point since mid-2020
Commercial
Houston
Houston office sale fails amid KBS REIT’s liquidation effort