KBS Acquires 26-Story Austin Office Tower

KBS completed the sale of 515 Congress, a 26-story, 267,956-square-foot Class A office tower at the corner of Congress Avenue and Sixth Street in downtown Austin, Texas. A joint venture of Palmatum Ventures, AQUILA and Glendon Capital Management acquired the property. JLL represented KBS in the transaction. 515 Congress was owned by KBS Real Estate Investment Trust III. 

Located in the heart of downtown Austin, 515 Congress is within walking distance of the Texas State Capitol and dining, retail, hotel and cultural amenities. During its ownership, KBS invested more than $15.5 million in capital and base-building improvements, including renovations to the lobby, tenant lounge and conference facilities and modernization of the elevators.

JLL Capital Markets brokers Mike McDonald, Jonathan Napper, Ryan Stevens and Drew Fuller represented KBS in the sale of 515 Congress.