Cross Ocean, Fuller buy Fluor-anchored Houston office campus

Cross Ocean Partners and Houston-based Fuller Realty have acquired Eldridge Place, an 828,784-square-foot, three-building class A office campus in Houston's Energy Corridor that is 94 percent leased, IREI reports. The deal's economics turn on a single tenant: Fluor Corporation occupies approximately 413,000 square feet, just under half the campus, at 737, 757 and 777 N. Eldridge Parkway, while SM Energy, Pemex Procurement International, Baker Engineering and Risk Consultants, Certarus and Petrobras America round out the roster.

The campus splits into One Eldridge Place at 245,315 square feet, Two Eldridge Place at 275,283, and Three Eldridge Place at 308,186, the last of which is fully leased to Fluor after the company relocated to the campus in 2024. More than $20 million in capital improvements have gone into the property since 2019, according to IREI, covering lobby and common-area renovations, elevator modernization, upgraded building systems and restrooms. The amenity package now includes a resort-style fitness center, pickleball courts, a full-service deli and a conference facility.

Teren, quoted in the report, described the thesis as compelling opportunities to acquire high-quality office assets with strong in-place cash flow at attractive bases, and Eldridge Place fits because its income rests on one large lease. Fluor anchors the campus and fills the largest building entirely, so the concentration is both the risk in the deal and the reason it got done.