Equity Commonwealth Sells 1M-SF Research Park

Equity Commonwealth closed the sale of Research Park, a 1.1-million-square-foot office and industrial development in northwest Austin. Also part of the transaction was 95 acres of undeveloped land. Parmer Innovation Centers, an affiliate of Los Angeles-Based Karlin Real Estate, acquired the asset, at 12455 and 12515 Research Blvd., off U.S. 183.

JLL marketed the property on behalf of the seller. The property was part of a 466-acre tract owned by Texas Instruments. These days, the buildings are leased to a subsidiary of Flex Ltd., the third-largest global electronics manufacturing services company.

Research Park is situated in northwest Austin’s technology triangle, also known as the birthplace of “Silicon Hills.” The area is home to tech companies including Apple, Amazon, Facebook, Indeed, Expedia, Visa and Charles Schwab.

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