Austin’s Metro Pays $87M for 182K SF Office Building
CIM Group has sold Fifth + Tillery, a three-story office building near downtown Austin, Texas, to the metro’s public transportation provider. The Austin American-Statesman reports that Capital Metro acquired the property for nearly $87 million.
The three-story office building totals 182,700 square feet. Fifth + Tillery can accommodate tenants with flexible floorplates starting at 10,000 square feet, with each floor accessible from outdoor walkways and ground-level parking.
The office building also features a 600 kW solar array, outdoor walk-up access, open-air walkways, outdoor spaces, private balconies and approximately 500 parking spaces. Located at 618 Tillery St. in East Austin, the property is more than 3 miles from the city’s downtown area.
CIM Group’s portfolio in the Austin market includes properties like Eastside Village, Chase Tower, 507 Calles, 1300 E. 5th St. and 1021 E. 7th St. The company has been developing another adaptive reuse project in the city, called Penn Field, completing the first building in mid-2020.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.