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16 Story Office Sells in Downtown Austin
In spite of standing on less than an acre, the office property has 190,254 square feet of leasing space. A joint venture between DRA Advisors and Pillar Commercial acquired the building, which is at 823 Congress. The seller was New York-based Brickman. Newmark’s Chris Murphy keyed the sales effort for Brickman.
The property also includes a six-story parking structure as well as 10,000 feet of retail space. Brickman spent $15 million to upgrade the 42 year old building, adding a new conference room, tenant lounge as well as a fitness center.
With a 71% occupancy rate, the owners are looking to reposition the asset. The building is just a few blocks from the Texas State Capitol and Waterloo Park. Just a block away, Lincoln Property Co. and Phoenix Property Co. announced that they are developing an office tower totaling 833,000 square feet.
- ◦Sale/Acquisition
