Houston Investor George Saleh Acquires Distressed North Belt Office Tower at Auction

Houston real estate investor George Saleh acquired the 10-story office building at 2350 Sam Houston Parkway East off-market through auction on Sept. 8, 2026, taking control of a 161,750-square-foot property with roughly 20% occupancy. The seller, an entity tied to Waterfall Asset Management, had only U.S. Customs and Border Protection as a tenant, occupying the top two floors. The agency said in a June 1 bulletin it was suspending operations at the property due to ongoing building issues, though Saleh claims CBP was operating there as of Sept. 29. Saleh said he has deployed 60 workers to repair elevators and air conditioning, and the building is being cleaned and repainted. He cited prior turnarounds at 396 West Greens Road and 616 FM 1960, where occupancy rose to 90% from 20% and 9%, respectively, within one year. The property faces headwinds: the surrounding North Belt area carries Houston's highest office vacancy rate and is shifting toward industrial use, sitting west of Halliburton's North Belt Campus and south of an Amazon warehouse.