HOUSTON – (Realty News Report) – Bitcoin, the cryptocurrency that is gaining global recognition, will be accepted as payment from commercial real estate investors acquiring an office complex in Houston’s Inner Loop.
The sale of the 50 Briar Hollow buildings, two mid-rise office buildings constructed in the late 1970s, is being handled by NewQuest Properties.
First Houston Office Building Sold for Bitcoin
:The soon-to-ramp-up marketing campaign for 50 Briar Hollow is believed to be the first in Greater Houston that will accept Bitcoin offers as legal tender for investors bidding on the 199,675-SF two-building office project,” NewQuest said in a press release.
“The seller is very open to this new form of currency. He’s taking a cue from where the world is moving and wants to be on the forefront,” says Glenn Dickerson, vice president of locally based NewQuest Properties.
The partnership that owns the building, BDFI LLC, has retained Dickerson and NewQuest colleagues Brad LyBrand, senior vice president, and Charles McGahren, associate, to sell the asset, which is one of the largest value-add acquisition opportunities on the market in the Galleria submarket. One building is completely vacant and the other is 70% empty, the aftermath of tenants’ pandemic-related business setbacks.
The 3.17-acre multi-tenant office complex is located south of Memorial Park and north of San Felipe in the Pin Oak area. The BDFI property is located a few blocks east of Loop 610 and about six miles from the Central Business District.
BDFI broached the subject of accepting digital currency as he discussed the assignment with Dickerson. The offer price will not fluctuate with Bitcoin’s volatility, the broker explains.
“I’m actively involved in cryptocurrency so I was really excited that he too believes in crypto,” Dickerson says. “This is a strong endorsement of bitcoin, which the seller is planning to hold and not convert to U.S. dollars as others have done.”
Announcing the bitcoin option for the Houston real estate comes, hours after Tesla chief executive Elon Musk tweeted that his firm will accept bitcoin as payment for Tesla’s electric vehicles.
Bitcoin was trading Monday for $40,288.
June 14, 2021 Realty News Report Copyright 2021
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Image: Courtesy NewQuest
File: Bitcoin Enters Houston Real Estate Market. Investors. Office.