Hartman Properties Hopes To Appeal To Small Businesses Amid Feud With Former REIT Partner
Hartman Properties, the company that was formerly merged with Silver Star Properties REIT, opened its fourth Bizsuites by Hartman in a West Houston office building.
Bizsuites offers flexible, furnished office spaces for use by entrepreneurs and small to midsized businesses, Hartman Properties said in a news release. Bizsuites formerly offered as many as nine locations in tandem with Silver Star before the companies separated in what has proved to be an acrimonious falling-out.
Hartman Income REIT rolled out Bizsuites in 2021, before it changed its name to Silver Star. Hartman told the Houston Chronicle then that it had launched the concept with companies that exited their leases during the pandemic in mind. Bizsuites offered spaces from about 100 SF to 250 SF meant to accommodate four people.
Al Hartman, founder and CEO of Hartman Properties, also founded Silver Star Properties in 1983. Silver Star ousted Hartman from its CEO position in late 2022. In December 2023, it filed a $50M lawsuit against him, accusing him of fraud and illegal meddling. Hartman has said the allegations are false.
The Securities and Exchange Commission launched a formal investigation into Silver Star Properties this year. While Silver Star is focused on shedding its office portfolio and shifting to self-storage, Hartman hopes to appeal to new tenants with the fourth Bizsuites by Hartman.
“We believe in supporting Texas entrepreneurs by providing them with the tools and environment they need to succeed,” Hartman said in a news release.
The new Bizsuites at 16300 Katy Freeway in Houston, also known as Two Park Ten, has 45 move-in-ready offices, the release says. Amenities include a full-time employee on-site, a reception area, conference rooms, kitchens with complimentary coffee, and branding options “to maintain a professional image.”
“Small businesses, particularly startups, need convenience and flexibility,” Hartman said in the release. “They don’t require a dedicated front desk staff or a custom-designed office; they need an affordable, ready-to-use space where they can focus on their business.”
Including Two Park Ten, Hartman Properties has six primarily Class-B office buildings in Houston in its portfolio, according to its website.
