Five Austin towers ownership all shook up, uh-huh!

AUSTIN – A partnership between Parkway Properties Inc. and the California State Teachers’ Retirement System (CSTRS) that owned several prominent downtown buildings has been dissolved, causing the ownership of those buildings to change.

Parkway Properties said it has acquired the CSTRS’s 60 percent stake in the 21-story San Jacinto Center at 98 San Jacinto Blvd., and the 30-story One Congress Plaza at 111 Congress Ave., and now owns both buildings outright.

Meanwhile, Parkway Properties transferred its 40 percent ownership stake in the 33-story Frost Bank Tower at 401 Congress Ave., the 32-story One American Center at 600 Congress Ave. and the 23-story 300 W. 6th St. to the CSTRS.

Parkway Properties said it also received $43.6 million from the CSTRS as part of the transaction.