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777 N Eldridge Pkwy Houston...

Granite Properties Secures Diamond Offshore Drilling As Tenant In Houston's One Eldridge Office Tower
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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

Eric Anderson

Transwestern

Broker

14 deals

Broker
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