NORTHBROOK, Ill., May 9, 2024
/PRNewswire/ -- Hilco Real Estate Sales announces June 14, 2024, as the qualifying bid deadline for
the Chapter 11 bankruptcy sale of the highly visible, Class A
office building in Houston, Texas,
TwentyFour25.
The site, located at 2425 West Loop South, features an
eleven-story building situated within the heart of Houston's premier retail and culinary hub, the
Galleria. Sitting on 2.45± AC, the building totals 284,896± SF with
a net 26,500 SF± SF per floor. The property has undergone
significant enhancements, including state-of-the-art health and
wellness amenities for tenants, alongside a newly added
ground-floor tenant conference facility and lounge area.
TwentyFour25 sits blocks from The Galleria mall, the largest mall
in Texas, providing tremendous
value for office tenants and developers alike. The turnkey building
is ready to host new tenants or be reinvented by a developer with
visions for its future potential.
TwentyFour25 boasts major reuse or redevelopment potential as it
is situated within the Uptown district of Houston. This site offers noteworthy
convenience and advantages as it is located at the intersection of
Westheimer and 610N, one of the busiest in Houston, as well as proximate to the upscale
shopping center, River Oaks
District. The building features high-end amenities, including an
on-site cafe, six elevators, expansive windows with panoramic views
of the Houston skyline, secure
24-hour key card access, state-of-the-art fitness center, recent
building renovations, spacious 11-story open-air atrium lobby,
multi-level parking garage, and CAT 6 data cabling throughout the
property. Architecturally significant, this iconic building is the
fruition of world-renowned visionary I.M. Pei. Known for his
creative use of modernist architecture in combination with natural
elements and open spaces, I.M. Pei is celebrated for seminal
designs such as the Louvre Pyramid in Paris, the Bank of China Tower in Hong Kong, the JFK Library in Boston, Herbert F. Johnson Museum of Art in
Cornell University, Islamic Arts Museum
in Doha, Qatar, Ronald Reagan
Building and International Trade Center in Washington D.C., the First International Bank
of Israel in Tel Aviv, University Plaza in New York, The Landmark in Irvine, California, and the NASCAR Hall of
Fame in North Carolina.
TwentyFour25 stands as a testament to his legacy.
The property is nestled within Uptown, more commonly known as
the Galleria, which has become one of Houston's premier shopping destinations and
cultural hubs. Located just six miles west of downtown, the Uptown
district ranks as the 17th-largest business district in
the United States. Boasting over
400 stores, including luxury boutiques like Louis Vuitton and Tiffany & Co., as well as
popular retailers like Apple and H&M, the Galleria offers
something for every shopper's taste and budget. Beyond shopping,
visitors can indulge in a diverse array of dining options, from
upscale restaurants to casual eateries, serving cuisines from
around the globe. The Galleria also features entertainment venues
such as an ice-skating rink and a state-of-the-art movie theater.
With its convenient location and upbeat atmosphere, the Houston
Galleria area continues to captivate both locals and tourists
alike, embodying the spirit of Texas hospitality and lifestyle. The district
is also home to approximately 2,000 companies and represents more
than 11 percent of Houston's total
office space. Located directly off South Highway Loop and
Westheimer Road, the property sits near the likes of major
headquarters such as Quanta Services, Westlake Chemical, Enbridge
Inc., Woodside Energy, Landry's Inc., PNC Bank, and APA
Corporation.
Ben Zaslav, managing director of
business development at Hilco Real Estate Sales, stated,
"Considering Houston is the second fastest-growing metro area in
the U.S. and the Galleria is 'the place to be' within Houston, the sale of TwentyFour25 represents a
rare opportunity for investors and developers to stake their claim
at the epicenter of growth and commerce within our country. Add to
this the certainty and efficiency of the bankruptcy, and you have
an investment opportunity second to none anywhere along the Sun
Belt."
Steve Madura, senior vice
president at Hilco Real Estate Sales, stated, "While it is no
secret that the post-COVID office market has been challenging, this
building is a blank canvas for savvy investors to find opportunity
in this vibrant Galleria district. Whether proactively leasing this
property to multiple tenants or totally reimagining its highest and
best use, this famed edifice has all the makings of an investment
with tremendous, untapped upside potential."
The sale of TwentyFour25 is being conducted by Order of the U.S.
Bankruptcy Court Southern District of Texas Houston Division
Petition No. 23-34815. Bids must be received on or before the
deadline of June 14 at
5:00 p.m. (CT) and must be
submitted on the Letter of Intent (LOI) document available for
review and download from Hilco Real Estate Sale's website. The Sale
Confirmation hearing is scheduled to be held on July 8 at 9:00 a.m.
(CT) approving the successful high bidder.
Interested bidders should review the requirements in order to
participate in the bankruptcy sale process available on Hilco
Real Estate Sale's website. For further information, please
contact Steve Madura at (847)
504-2478 or smadura@hilcoglobal.com or Michael Kneifel at (847) 201-2322 or
mkneifel@hilcoglobal.com.
For further information on the property, sale process, and terms
or to obtain access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.
About Hilco Real Estate Sales
Successfully positioning
the real estate holdings within a company's portfolio is a material
component of establishing and maintaining a strong financial
foundation for long-term success. At Hilco Real Estate Sales (HRE),
a Hilco Global company (HilcoGlobal.com), we advise and
execute strategies to assist clients seeking to optimize their real
estate assets, improve cash flow, maximize asset value and minimize
liabilities and portfolio risk. We help clients traverse complex
transactions and transitions, coordinating with internal and
external networks and constituents to navigate ever-challenging
market environments.
The trusted, full-service HRE team has secured billions in value
for hundreds of clients over 20+ years. We are deeply experienced
in complex transactions including artful lease renegotiation,
multi-faceted sales structures, strategic asset management and
capital optimization. We understand the legal, financial, and real
estate components of the process, all of which are vital to a
successful outcome. HRE can help identify the most viable options
and direction for a company and its real estate portfolio,
delivering impressive results in every situation.
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SOURCE Hilco Real Estate