Clarion Fund Capitalizes on Tech Boom with Congress Commons Buy

Congress Commons, a fully leased 50,244-square-foot mixed-use creative office and retail property, recently sold in downtown Austin. Clarion Partners purchased the asset on behalf of Clarion Partners Real Estate Income Fund (CPREIF). The price was undisclosed.

Originally built in the late 1800s and early 1900s, Congress Commons brings together three historic Austin properties – the McKean-Eilers, Day and Swift buildings – that were once home to some of the most successful businesses of the day including the Swift Meat Packing Company and Davis Hardware. Repositioned in 2013 into a mixed-use creative office property, Congress Commons is fully leased to Accenture, One Medical, Sushi Junai, Swift’s Attic and the Elephant Room.

The property is positioned along one of Austin’s most heavily trafficked streets – Congress Avenue between 3rd and 4th streets. Austin has recorded tremendous demand throughout the last decade with more than a 75 percent growth in population. The tech surge is predicted to continue to boost the Austin economy with a more than 20 percent population growth predicted through 2025.

JLL marketed the property on behalf of the seller, Asana Partners. The JLL team was led by Ryan Shore, Chris Gerard, Kelsey Shebay, Patrick McCord and Erin Lazarus.