A joint venture of Texas-based investors acquired one of Houston’s largest office campuses, buying in while national players are bailing out.
Dominus Commercial of Irving and Houston-based Meneses Holdings paid a reported $58.4 million to acquire the 806,000-square-foot Brookhollow Central complex from Los Angeles–based Hertz Investment Group, the Houston Business Journal reported. The price was about $72 per square foot.
The deal marks the fourth-largest office acquisition in Houston this quarter, according to Cushman & Wakefield, and comes at a discount to its last trade.
The three-building office campus sits on 10 acres at 2800, 2900 and 2950 North Loop West and is 74 percent leased. Tax records peg the complex’s 2025 value at just over $81 million.
Hertz paid $70.5 million ($87 per square foot) for the property in 2018 and has since faced mounting financial distress. A British Virgin Islands court ordered the company to liquidate its U.S. assets late last year to repay $145 million owed to Israeli bondholders, according to CoStar.
The three buildings range from 12 to 14 stories. They include amenities such as a 3,000-space parking garage, fitness center and conference facility.
Dominus CEO Stephen LaMure said the partnership saw a rare value window while lenders were “running scared from office,” he said. Replacement costs for a similar Class A office building in Texas run between $450 to $500 per square foot, he said
The deal is Meneses Holdings’ first foray into the office market. President JC Meneses called the acquisition a chance to diversify the firm’s multifamily-heavy portfolio.
The buyers plan upgrades including a coffee shop, more food offerings and improved tenant lounge space. They’ve tapped Stream Realty Partners’ Brian Strait and Parker Noble to continue handling leasing.
The acquisition offers a counterpoint to the national narrative; while institutional landlords are liquidating, local and regional players, especially in growth markets like Texas, are stepping up, cherry-picking stabilized assets at a discount and positioning for a long-game rebound.
— Judah Duke
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