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Austin Office Tower Trades for $151M
Brandywine Realty Trust sold downtown Austin’s 405 Colorado tower for $151 million. Chris Price at Partners was quoted in LinkedIn saying the buyer was Hines and that the 25-story tower is 100% leased.
At its annual meeting, Brandywine’s CEO said the company was looking to divest between $250 million and $300 million in assets.
Completed in 2021, 405 Colorado is a 206,000-square-foot office tower with a 520-space, above-ground parking garage located at its namesake address in downtown Austin. The tower was designed by Duda Paine Architects.
The Austin Business Journal reports Brandywine has been active in Austin in recent years. It’s developing its sprawling Uptown ATX development adjacent to North Austin’s The Domain and attracting tenants like Nvidia.
Last year, Brandywine sold North Austin’s Quarry Lake II, a 120,600-square-foot office building, to Brick Row Holdings. It also sold Southwest Austin’s Four Barton Skyway, a 225,580-square-foot building, to an unknown buyer.
- ◦Sale/Acquisition
