The City of Austin has purchased University Park, a 206,657-square-foot mixed-use building, for $26 million. The city will back the purchase by issuing $26.2 million in bonds. The city has recently acquired a number of debt-backed offices for a new public safety headquarters and training center.

University Park was built in 2008 and offers eight stories of Class A office space with collaborative workplaces and views of downtown and Western Hill Country. At the time of closing, the property was approximately 20% leased. Ryan Stevens and Drew Fuller led a JLL Capital Markets Investment Sales and Advisory team representing the seller, Lionstone Investments.

Located at 3300 N. Interstate Highway 35, University Park is just north of the University of Texas and adjacent to St. David’s Medical Center. University Park is just 2.5 miles north of downtown Austin and 1.6 miles from the Innovation District, Austin’s emerging life sciences hub.