Credit Suisse Ends Up with Third + Shoal

Less than four months after putting the 345,000-square-foot Third + Shoal office building in Austin on the market, partners TIER REIT Inc. and Cielo Property Group closed on the under-construction, 100%-occupied office building in Austin’s CBD. Credit Suisse Asset Management Ltd. is the buyer; HFF brokered the transaction.

The sales price of the 29-story tower was not disclosed. However, the property at 208 Nueces St. was expected to trade for in excess of $600-per-square-foot, according to previous media reports.

“We believe the sale represents a new precedent of demand for top quality office properties in Austin,” said Scott Fordham, Chief Executive Officer of TIER REIT, in a statement.

Third + Shoal tenants include Facebook, Bank of America Corp., Dickinson Wright PLLC and Stonepeak Infrastructure Partners.

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