Granite Properties Secures Diamond Offshore Drilling As Tenant In Houston's One Eldridge Office Tower
777 N Eldridge Pkwy Houston, TX 77079, USA
Building Size
62,584 SF
Asset Type
Office
Closing
Jun 5, 2023
AI
Granite Properties has secured Diamond Offshore Drilling Inc. as a tenant for its One Eldridge office tower in Houston. The drilling contracting company will establish its new headquarters across three floors, totaling 62,584 square feet. The move is set to take place in the fourth quarter of 2023 and will bring approximately 160 employees to the LEED Gold-certified tower in Houston's Energy Corridor.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not available
- Address: 777 North Eldridge Parkway, Houston
- Market: Houston
- Square Footage: 62,584
The landlord, Granite Properties, successfully secured Diamond Offshore Drilling Inc. as a tenant for its One Eldridge office tower in Houston. The tenant's representatives, Lonna Jenks from JLL and Eric Anderson from Transwestern, played a key role in the deal. Jon Dutton and Andrew Elliott from Granite Properties represented the landlord in the transaction.
Players
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