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 [email protected] or Michael Kneifel at (847) 201-2322 or [email protected].
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.
SOURCE Hilco Real Estate
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