Maryland firm on 60,000-SF Westlake Place in Austin

​​​​​​AUSTIN – Westlake Place — a 60,338-sf, multi-tenant office building  — has been acquired by Maryland-based Moore & Associates
from a California-based partnership, according to CBRE.

Westlake Place is a five-story building located at 1515 South Capital of Texas Hwy., in the southwest Austin submarket.

Though no purchase price was disclosed, Travis Central Appraisal District​ values the building at almost $11.3 million, according to the Austin Business Journa​l.

The
Class B asset is 94.2 percent occupied and prominent tenants include
Sotera Defense Solutions Inc, Frontier & Associates and Vertex
Software Corp.

According to CBRE Research, citywide Austin office vacancy was 11.9 percent at the end of Q2 2015 — the tightest among all major Texas metros, reports RealtyNewsReport.com​.​​

Specifically, Class B office buildings in Southwest Austin are performing well, recording the highest absorption (49,411 sf) and lowest vacancy rate (7.4 percent) among all Class B product citywide for the second quarter.​