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The owner of a pair of Uptown Houston office buildings that hemorrhaged tenants during the pandemic is taking unusual action to stop the bleeding. He is looking for offers: in Bitcoin.
“The seller… is inspired by the changing world and wants to be at the forefront,” Glenn Dickerson, the broker selling 50 Briar Hollow on behalf of BDFI LLC, said in a statement. “I am actively involved in cryptocurrency, so I was really excited that he also believes in crypto.”
Bitcoin is a digital currency that does not exist in the form of physical bills or coins. Independent of banks or governments, Bitcoin exists as lines of computer code and is stored in virtual “wallets”.
Accepting cryptocurrency is a marketing tactic that has been used to draw attention to properties in other markets, but it also poses a risk – the value of Bitcoin has fluctuated significantly over the past year, a Bitcoin worth between $ 8,815 and $ 64,899. It was recently trading at around 40,000 to the dollar. The agreed purchase price will not fluctuate with the volatility of Bitcoin, so the number of bitcoins traded at close could be significantly different from the number at the time the purchase contract is made.
But Dickerson, vice president of NewQuest Properties, said the owner of BDFI LLC was the first to bring up the subject of accepting Bitcoin, and that he was motivated by the belief that Bitcoin’s value would increase in the long term. . Unlike others who have accepted Bitcoin offers, Dickerson said, the seller plans to hold Bitcoin instead of quickly converting it to dollars.
Office buildings cover 199,675 square feet. One building is completely vacant and the other is 70% empty, a result, according to NewQuest, of the pandemic.
The buildings were developed in the 1970s, were last renovated in 2013.
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