AUSTIN – Los Angeles-based Luzzatto Co. has purchased the 445,000-sf Austin Oaks office complex from Dallas-based Spire Realty Group.
The 12-building complex is on 32 acres at MoPac Expy. and Spicewood Springs Rd. The nearly 50-year-old property is 75 percent leased to about 120 to 150 tenants.
Rents at the property are averaging 27 percent below market, according to CoStar data.
Last year, the city council voted for new zoning that will allow the site to be redeveloped over time with 1.3 million sf of office, retail, and multifamily space, including up to 400 housing units.
Austin Oaks was last sold in 2013 for $71 million.
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