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24-Acre Campus Sale Requires $32M Minimum

HOUSTON-Six commercial real estate firms are in the "best and final" running for the Houston Independent School District's coveted administration campus inside the 610 Loop. The deadline is May 14.

By Jennifer Brenner Andrade | Updated on April 08, 2004

HOUSTON-Six commercial real estate firms will have to be ready to pay more than $32 million in order to win the Houston Independent School District’s 24-acre campus, which is located in a coveted infill spot inside the 610 Loop. The “best and final” bid packages went out last week with a May 14 deadline.

A partnership of the Morgan Group of Houston and Dallas-based Trammell Crow Co. has the bid to beat. The duo offered to pay $31.7 million in the first round, which took place in October 2003 and garnered 13 offers. Five other bidders were selected from that process to compete in the mid-May finale.

VeriQuest Cos. Inc. of Houston with an initial bid of $30 million made the list as did a partnership of Archon Group and the Staubach Co. with $29.3 million. Fort Worth’s Trademark Property Co. threw its hat in the ring with a $28.5-million bid. Trustee Josef Marom, who represents a group of investors from Bellaire, TX, placed a bid of $27.8 million in the fall make it to the final round. The Houston firm of Wallace/Halpin LLC got into the circle with an initial offer of $27.5 million.

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