Five years after Contrarian Capital and Cameron Mangement purchased Esperson, they are ready to sell. Over $9M of improvements have gone into the building since the acquisition, focusing on the lobbies and tunnel space. On the leasing side, things have been improving as well. The building's vacancy rate was 40% when it was acquired, now it stands at 62%.
The asset combines the 32-story Niels Esperson building, topped by the iconic cupola, and the 19-story Mellie Esperson building. Together they offer 599K SF of rentable space at 808 Travis and 815 Walker in Downtown Houston.
HFF is handling the listing.
With Houston's office investment sales averaging $172/SF, according to Colliers, the value of the building could be close to $100M.
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