SLS Properties is preparing to relaunch the I.M. Pei-designed office building at 2425 West Loop South in Houston, following a period of legal and financial difficulties under previous owner Ali Choudhri. The 285,000-square-foot, 11-story building was previously the headquarters for Stage Stores and has been vacant amid foreclosure attempts and an involuntary bankruptcy linked to Choudhri’s Jetall Companies. The National Bank of Kuwait, which provided a $60.2 million loan on the property in 2018, remains involved as a creditor in ongoing bankruptcy proceedings. Choudhri was briefly jailed in April after failing to provide required financial documents.
After acquiring the property through a receivership sale, SLS Properties rejected all existing leases during bankruptcy proceedings and began extensive renovations. Danny Sheena, founder of SLS Properties, said: “The building was in severe disrepair upon takeover — only one elevator functioned, the cooling system and roof had failed, garage lighting was outdated and interior floors needed structural attention.” According to Sheena, SLS has since modernized elevators, replaced mechanical systems and the roof, upgraded lighting, and restored interior spaces.
The building is now fully vacant and available for immediate tenant occupancy. Leasing will be managed by Transwestern’s Kelli Gault, Jack Scharnberg, and Doug Little. Gault noted that large contiguous blocks of space are rare in Houston’s Galleria submarket and highlighted features such as expansive floor plates and opportunities for prominent signage due to its location across from The Galleria Mall. “Its architectural pedigree also enhances its appeal – few office buildings can claim the same designer as the Louvre Pyramid in Paris,” Gault said.
Sheena added that nearby developments could influence the building’s prospects. The property is adjacent to land owned by billionaire Tilman Fertitta—who recently left his CEO role at his holding company to become U.S. ambassador to Italy—and near The Greenleigh hotel project at the former Hotel Derek site.
