Texas + Office | May 19, 2020

Ascension Texas Purchases HQ from Black Creek Fund

SVN | Angelic recently closed on the 156,024-square-foot Ascension Texas headquarters office building at 1345 Philomena St. in Austin, across from the Dell Children’s Medical Center in the mixed-income, mixed-use community of Mueller. SVN | Angelic’s Gabriel Silverstein partnered with the Centurion Foundation’s Ben Mingle to conceive and execute the transaction on behalf of Ascension Texas.

The Ascension/Centurion team purchased the building from an investment fund of Black Creek Group, which represented itself. Silverstein and Duncan Swanston of CGA Capital also structured $83,760,000 of financing on behalf of these same parties, in conjunction with the restructuring of Seton Healthcare’s lease of the property.

“By electing to work with the Centurion Foundation, this transaction structuring allows Ascension Texas to gain long-term control of its headquarters office building,” said Silverstein. “This transaction also allowed restructuring of Seton’s existing lease and occupancy costs, resulting in millions annually in savings for Seton.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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