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Tilman Fertitta recently bought a 9-story office building near Post Oak Hotel, among a string of recent deals deepening his real estate investments in Houston.
Billionaire Tilman Fertitta is becoming a bigger player in Houston's commercial real estate market after deepening investments in the Uptown-River Oaks areas in two recent transactions. Those who follow office property trades likely had already heard of his bid to buy 777 Post Oak, a renovated 1970s-era office next to his Post Oak Hotel, but it's the second transaction that I find interesting: a 3.4-acre vacant parcel he bought adjacent to River Oaks District.
The Westheimer property, which used to house the Le Peep restaurant, would provide the perfect place to expand River Oaks District one day - although Fertitta hasn't announced any plans to do so at this time.
Although JPMorgan Asset Management sold him River Oaks District at an estimated $100 million loss earlier this year, that by no means the ROD isn't humming along successfully: the district's apartments and retail spaces were 90% occupied at the time he purchased it. With retail vacancies extremely tight in the city - just 5.2% at the end of 2023, according CBRE - perhaps one day there could be a case made to add more retail space to the River Oaks District, but we'll have to wait and see what Fertitta has in store.
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