AUSTIN - Office properties have been trading at a rapid clip since the first of the year, resulting in nearly 3 million sf of commercial space being sold to a wide variety of investors through April, according to information provided by Kennedy Wilson.
More than $386 million worth of properties changed hands. That’s a very conservative estimate.
Advanced Micro Devices Inc.’s Lone Star Campus at 851,000 sf sold to Spear Street Capital for $164 million or $192.52 per sf.
Cousin Properties Inc. of Atlanta purchased 816 Congress Ave. for $102.4 million from Lehman Brothers Holdings Inc. With 433,024 sf, that equates to $236.48 per sf.
Thomas Properties Group’s sold of its suburban portfolio to KBS Strategic REIT Inc. for about $76 million. The ten-building portfolio was composed of three complexes: Westech 360 on North Capital of Texas Hwy., Great Hills Plaza at 9600 Great Hills Trail and 8601 RR 2222. The Great Hills Plaza complex at 135,333 sf commanded a price of about $28 million or $206.91 per sf.
Bridgepoint Plaza I and II near the Pennybacker Bridge off of North Capital of Texas Hwy. sold for almost $36.5 million or $205 per sf. The buyer was TA Associates in Boston.
La Costa Centre in North Austin sold to Houston-based Boxer Property in partnership with the largest building tenant, Emergency Service Partners. The 87,900-sf building sold for a little more than $7 million or about $80 per sf.
Read more at the Austin Business Journal.