Houston Rockets owner Tilman Fertitta has snapped up properties near two of his high-profile assets, prolonging a buying spree that started late last year.
The billionaire hospitality and gaming tycoon paid an undisclosed amount for 3.4 acres in River Oaks, at 4702 Westheimer Road, and an Uptown office building at 777 Post Oak Boulevard, the Houston Chronicle reported.
The vacant Westheimer site is near the 14-acre River Oaks District, which Fertitta bought for $450 million earlier this year. The acquisition opens the door for future expansion of the mixed-use district.
The River Oaks District comprises more than 300,000 square feet of high-end retail space with renowned brands such as Hermes, Cartier and Rolex, alongside restaurants and IPIC Theaters. Upon purchase, Fertitta said it was “the perfect moment in time to add this premier mixed-use development to our luxury portfolio.”
The office building Fertitta bought spans 177,00 square feet and is a stone’s throw from his Post Oak Hotel and Post Oak Motor Cars, which sells Bentley, Rolls-Royce and Bugatti vehicles. Fertitta doesn’t intend to make any major changes to the building, but he aims to use landscaped walkways to enhance connectivity between the office building and the Post Oak Hotel campus.
The nine-story building, renovated by architecture firm Ziegler Cooper, is 70 percent leased, hosting tenants like Old Republic Title, Tricon Energy and Veritex Bank, the outlet reported.
The acquisitions underscore Fertitta’s ongoing investment in Houston. In December, he bought a 1.6-acre property near Memorial Park and is exploring development opportunities for the site. It is north of River Oaks, near a Brenner Steakhouse, owned by Fertitta’s hospitality company, Landry’s Inc.
—Quinn Donoghue
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