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Two Austin Offices Change Hands at a Loss
Equity Commonwealth (EQC) spun off two Austin office assets, Bridgepoint Square and Capital Tower, totaling 616,000 square feet. Marbella Interests paid $64.5 million for the two. JLL arranged the sale on behalf of EQC.
The 20-story Capitol Tower came online in 1984, and Commercial Edge reports EQT purchased the property for $49 million in 2012. EQC’s financial report shows that Capital Tower was 69.4 percent leased as of Sept. 30. The tenant directory included Prosperity Bank, as well as VMware Technology and BCW, among others.
Bridgepoint Square’s five buildings (photo) were delivered between the late 1980s and mid-to-late 1990s. EQC acquired the campus in 1997 for $78 million in a portfolio deal. As of Sept. 30, it was 52.5 percent leased. The tenant roster included New York Life Insurance Co. and Burns & McDonnell, among others. Since 2015, EQC has invested more than $13.5 million in capital improvements at the office campus.
- ◦Sale/Acquisition
