Austin: 1M-SF IBM Broadmoor sells for $211M

AUSTIN – Brandywine Realty Trust has acquired the remaining interest in the IBM Broadmoor campus in North Austin consisting of seven office buildings and the 66.0 acre underlying land parcel located for an aggregate purchase price of $211.4 million. 

The office buildings contain 1,112,236 net rentable sf of office space and were 100.0 percent occupied as of June 30, 2015.

Officials with Brandywine said the company will move forward with plans to create a master plan to ensure an accelerated transition into a mixed-use, multi-tenant destination that will offer new amenities for workers in and around the seven-building Broadmoor campus.

The IBM Broadmoor campus is located at 11501 Burnet Rd.

The Broadmoor campus was developed for IBM, which has been the sole occupant and a joint venture partner with Brandywine and its predecessor company since the campus was developed in 1991.

IBM will continue to maintain a presence on the campus; the tech giant currently occupies about 87 percent of the development.

The campus is adjacent to the Domain mixed-use project near MoPac Blvd. (Loop 1) and Burnet Rd., which is home to scores of retailers along with apartments, offices, hotels and restaurants.

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