Interra Capital Group has acquired the 600K SF historic Esperson buildings in Downtown Houston through a foreclosure sale.
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The Houston-based real estate investment and management firm confirmed its credit bid for the property at the foreclosure auction Tuesday was $12M, but it declined to disclose the full purchase price.
MetLife foreclosed on the property after Houston-based Cameron Management defaulted on a $52.8M loan issued in December 2018, which was later reduced to $41M, property records show. The $58.2M loan was a refinancing to replace maturing debt, Bisnow previously reported.
The campus had an assessed tax value of $42.5M as of Jan. 1, according to Harris Central Appraisal District records.
The buildings at 808 Travis St. and 815 Walker St. are a focal point of Houston’s skyline and include a blend of office spaces and commercial venues.
Cameron Management will continue to serve as the property and facilities management team for a designated period, according to a news release. Cameron Management was part of a joint venture that owned the property from 2004 to 2007, and Cameron took ownership of it again in 2012, according to its website.
Esperson is a 600K SF campus comprising the 27-story Niels Esperson Building, the adjoining 19-story Mellie Esperson Building and an attached seven-story parking garage. The buildings were constructed in 1927 and 1941, respectively. They were the brainchild of Mellie Esperson for her husband, Niels, a real estate and oil tycoon, the release says.
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Esperson is recognizable by its Italian Renaissance styling, terra cotta detailing, dramatic columns and cornices.
“Our acquisition of the Esperson reflects not just an investment in real estate but also a commitment to preserving the historical integrity of significant properties,” Interra Capital Group principal Jack Polatsek said in the release. “We proceeded in a cooperative foreclosure process and are pleased that Cameron Management will remain involved in transition, ensuring it being seamless for all parties involved.”
Interra Capital Group seeks investments where it “can significantly elevate property value and performance,” Director of Acquisitions Anita Kundaje said in the release.
Interra plans to capitalize on opportunities provided by the current real estate market, focusing on revitalizing properties typically acquired from lenders and special servicers, the release says.
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