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737 North Eldridge Parkway

Updated Oct 29, 2024

LEASEDOffice

Fluor Corporation Signs 12-Year Lease For Entire 308,000 SF Office Building In Houston

737 North Eldridge Parkway

Building Size

308,000 SF

Asset Type

Office

Closing

May 4, 2023

About this deal

AI

Fluor Corporation, a global engineering, procurement, and construction firm, has signed a 12-year lease to occupy the entire 13-story, 308,000-square-foot Three Eldridge building in Houston's Energy Corridor. The company plans to move its approximately 1,600 employees to the new location at 737 N. Eldridge Parkway in the second quarter of 2024, departing from its long-time office complex at Lake Pointe Plaza in Sugar Land.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Square Footage: 308,000
  • Address: 737 North Eldridge Parkway, Houston
  • Market: Houston

The Three Eldridge building, located at 737 N. Eldridge Parkway in Houston's Energy Corridor, will now be leased by Fluor Corporation. The 13-story building spans an area of 308,000 square feet, providing ample space for the company's approximately 1,600 employees who will be relocating from their current office complex at Lake Pointe Plaza in Sugar Land.

Players

Granite Properties
Granite PropertiesLandlord

Texas Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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