Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Riverside Picks Up 11-Story Austin Office Building
Private equity investor Riverside has acquired Lavaca Plaza, an 11-story building with 122,042 square feet of office space in Austin, Texas, for an unspecified price. Unico Properties sold the asset. Commercial Search reports Unico paid $61.4 million for the property in 2015.
In the marketing material, JLL suggested the property might be a candidate for a redevelopment play. The property has a vacancy rate of 46.2 percent.
The top four stories are office space with a variety of suite sizes. Originally completed in 1981, the property features 476 parking spaces on the first through seventh floors.
Lavaca Plaza includes an on-site café, conference rooms, showers and a bike locker. The asset has easy access to Austin’s 2nd Street District, 6th Street Entertainment District and Lady Bird Lake.
The JLL Capital Markets Investment Sales Advisory team representing the seller included Ryan Stevens and Drew Fuller.
- ◦Sale/Acquisition
