Metrospaces acquires stake in Brazos Atrium office building in Houston
Metrospaces, a Florida-based PropTech company powered by Shokworks, has acquired a stake of 50.6% in a 60,295sft office building called Brazos Atrium in Houston, Texas.
The terms of the deal were not disclosed.
The acquisition of stake in the $3.85 million office building is said to be part of the company’s plans of transforming tokenized real estate opportunities by leveraging its new blockchain-powered platform.
Metrospaces expects to launch the tokenization platform later this year.
Alejandro Laplana — “The Brazos Atrium project is an exciting potential case-study for the tokenization platform we’ve designed for Metrospaces.”
Brazos Atrium is located at 3303 FM 1960, adjacent to Spring. The office building is a Class-B space with a present occupancy rate of around 99%, which is made up mainly of small businesses and non-profits.
Metrospaces said that the acquisition of the building is a part of its strategic plan of securing assets that have high liquidity positions in high growth markets such as Florida and Texas.
Oscar Brito — Metrospaces CEO said: “There will clearly be some very exciting opportunities for arbitrage between the private real estate market and the market driven by tokenization.
“We want to be right in the middle of that industry. We believe that this, added to tokenizing third-party assets as a service, will revolutionize real estate capital markets.”