HOUSTON – (Realty News Report) – The historic Esperson Buildings – known as an exquisite example of Italian Renaissance architecture – were acquired by Interra Capital Group at a foreclosure auction on Tuesday.
Lender MetLife initiated foreclosure on the property, which had been owned by an affiliate of Houston-based Cameron Management for more than a decade.
The Esperson buildings are located near the center of Downtown Houston on a block bordered by Walker, Rusk, Travis and Milam streets.
The property includes the 32-story Niels Esperson Building, built in 1927 at 808 Travis, which is described as “the only complete example of Italian Renaissance architecture in downtown Houston.”
The adjacent 19-story Mellie Esperson Building, 815 Walker, is an Art Deco office tower completed in 1941.
The foreclosure comes at a difficult time in the country’s real estate market, as many homeowners face rising vacancy rates and declining property values. With higher interest rates and the inability to refinance the office towers, pressure is mounting and options are few.
The Esperson building was listed for sale about four years ago and the unofficial whisper price was $65 million. Values plummeted in the post-Covid era and Interra Capital was able to acquire the Esperson building this week for far less. Financial terms of the transaction were not disclosed.
Houston-based Interra Capital has appointed Cameron Management to manage the interim property. Cameron Management is led by Houston businessman Dougal Cameron.
“As stewards of this architecturally significant property, we are committed to maintaining the legacy and prestige of the Esperson during this transition period,” Mr. Cameron said in a prepared statement. “We look forward to working closely with Interra Capital Group during this transition and maintaining the high standards this landmark deserves. Cameron Management’s vision is to honor God and serve people, and we plan to continue to do so.”
Interra Capital calls the property a “landmark,” adding, “Spread over 600,000 square feet, this complex is known for its Italian Renaissance style, which features intricate terra cotta decorations, dramatic columns and stunning cornices. Built in the early 20th century, the buildings were the brainchild of Mellie Esperson for her husband Niels, a real estate and oil magnate. These buildings not only reflect the economic boom of their time, but are also an eye-catching feature of Houston’s skyline, offering a mix of office space and commercial space.”
The Esperson, which features tunnel space for retail, was described in previous years as a 46,640-square-foot property.
“Our acquisition of Esperson represents not only an investment in real estate, but also a commitment to preserving the historical integrity of significant properties,” said Jack Polatsek, principal and founder of Interra Capital Group.
Anita Kundaje is Director of Acquisitions at Interra Capital Group.
August 7, 2024 Realty News Report Copyright 2024
Caption: The Niels Esperson Building, built in 1927 at 808 Travis, is an example of Italian Renaissance architecture.
Photo credit: Cynthia Lescalleet, CALPix, Copyright 2024, Realty News Report.
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File: Historic Esperson Buildings Purchased at Foreclosure Auction. Dougal Cameron. Srt Deco. Historic Esperson Buildings Purchased at Foreclosure Auction 1941, 1927 Houston
