Tishman Speyer Sells Off Austin’s Foundry I and II
Beacon Capital Partners was the buyer of the 240,000 square foot, two-building development in East Austin.
Tishman Speyer purchased the two buildings, the newest completed in 2021, from Cielo Property Group for $150 million a year ago. Tishman Speyer worked with CBRE to fill some of the vacancies and at the time of the sale the two buildings were 96% occupied.
It was Tishman Speyer’s first foray into Austin. “We have sought to expand in dynamic, technology-rich markets defined by strong population growth, innovative companies and exceptional academic institutions,” said Tishman Speyer’s Nooshin Felsenthal.
Mike McDonald and Jonathan Napper of Cushman & Wakefield represented Tishman Speyer in the transaction.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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