PRP Real Estate Pays $145M for 3M Buildings

Two office buildings in North Austin leased by 3M Co. now have a new owner. PRP Real Estate Investment Management LLC, headquartered in Washington D.C., paid $145 million to Karlin Real Estate of Los Angeles for the 300,000-square foot portfolio at Parmer Austin. The St. Paul, MN-headquartered 3M Co. moved into the space at 13011 McCallen Pass in late 2019.

Parmer Austin is a 225-acre business park just east of Interstate 35, and bounded by Parmer and Howard Lanes. Other park occupants include Home Depot, Blue Apron and Natera. Karlin continues spearheading the expansion of the project into a mixed-use development and destination.

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