Dhanani Private Equity Group is scooting over to Sugar Land.
The firm purchased the 165K SF former Texas Instruments office building and its more than 7-acre campus in a transaction that closed on April 13, according to Fort Bend County public records.
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“It was a very spontaneous opportunity. It was brought to our attention that [Texas Instruments] is going to be vacating … and it was pretty quick,” Dhanani principal Faiz Hirani told the Houston Business Journal. “The turnaround time was not more than, I would say, a week or two.”
DPEG plans to relocate its headquarters by mid-2027. It will occupy 30K SF of the building's ground level while converting the remaining space on the second and third floors to 40 for-sale office suites. Hirani told the HBJ that 25 of those spaces are already under contract.
DPEG has occupied a 10K SF storefront space at 11333 Fountain Lake Drive in Stafford since 2023. However, the company’s employee base has grown from 20 to 100 during that time and continues to expand, necessitating the larger footprint for its headquarters.
Details were not publicly disclosed, but deed records show that the sale was financed with a $27.5M promissory note from SouthState Bank and secured by a special warranty deed.
While Texas Instruments did not return Bisnow's inquiry by the time of publication, it sent a statement to the HBJ indicating that the company plans to keep a campus in Sugar Land but is seeking an alternative location to open this fall that better aligns with its needs.
Texas Instruments purchased the site in 2012 and spent around $35M to develop the building. At the time, the HBJ reported that the company chose Sugar Land in part because of local amenities and proximity to employees' homes.
Last fall, Sugar Land provided $2M in incentives for Applied Optoelectronics Inc. to expand in the Houston suburb. Earlier this month, DeliverIt Group announced that it would invest $11.9M to build a 60K SF pharmaceutical manufacturing facility in Sugar Land.
DPEG did not respond to Bisnow's request for comment by the time of publication.
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