Eldridge Place, a three-building, Class-A Energy Corridor office campus anchored by Fluor Corp., has been acquired by a partnership between Cross Ocean Partners and Houston-based Fuller Realty. 

The office campus includes three buildings that total 829K SF, located at 737, 757 and 777 N. Eldridge Parkway near the intersection with Memorial Drive. The campus is 94% occupied, with other tenants including oil and gas company SM Energy, Pemex Procurement International and engineering firm BakerRisk, according to a press release.

JLL's Houston investment sales and advisory team represented the seller, Granite Properties. Granite acquired the buildings, which had been repaired after Hurricane Harvey, for $78.4M in 2019.

The largest building is the 308K SF Three Eldridge Place, which is fully occupied by Fluor Corp. The company also occupies part of Two Eldridge Place, totaling 413K SF across the campus. 

The engineering and construction firm vacated its 1.2M SF office campus in Sugar Land for the Energy Corridor office in 2024. 

One Eldridge Place totals 245K SF, and Two Eldridge Place totals 275K SF. The campus has had more than $20M of capital improvements since 2019 and has a fitness center, pickleball courts, a deli and a conference facility, the press release states.

Cross Ocean Partners, an international asset management firm with more than $12B of assets under management, is targeting acquisitions of high-quality office assets with strong in-place cash flow at attractive bases, particularly in markets showing durable tenant demand, Terence Kim, managing director of U.S. credit at Cross Ocean, said in a statement.

“Eldridge Place fits squarely within that strategy, with strong occupancy, a high-quality tenant base and significant recent investment in the campus,” Kim said. “We are excited to partner with Fuller Realty and leverage their deep local market expertise and operating capabilities.” 

Fuller Realty is an operating partner and third-party manager with Houston roots dating back to 1979. The firm has about $1B of assets under management, including West Memorial Place I and II.

West Houston has been one of the metro’s strongest office submarkets for years. Along with Fluor, tenants including offshore drilling company Noble Corp. and engineering and construction company Bechtel have moved to West Houston office buildings in recent years. 

West Houston is also home to Houston’s newest large office building, as the office development pipeline remains scant. Midway finished the 320K SF CityCentre Six in March, with 90% of its 308K SF of office space preleased.