Austin, TX
Hines snags Downtown Austin office high-rise for $733 per sf
Brandywine Realty Trust sold 405 Colorado Street in Downtown Austin for $151 million.
Jerry Sweeney, Brandywine’s CEO, discussed how the company was looking to offload somewhere between $250 million and $300 million of its portfolio earlier this year, according to the Austin Business Journal. Earlier this year, the building was billed as 100 percent leased. Houston-based Hines announced that its real estate assets investment arm, Hines Global Income Trust, purchased the building in a statement published Monday. The sale price was disclosed in a Securities and Exchange Commission filing.
The Class-AA office property was completed in 2021, and features 206,000 square feet of office space across 25 stories. Hines paid around $733 per square foot for the building. Tenants at the building include JP Morgan Chase, Bain & Company and AllianceBernstein. Hines Global reports that as of May 2026, it controlled $6.4 billion in gross asset value. The statement from Hines is explicit in their reasoning for acquiring the property: Alfonso Mark, Hines’ global co-head of investment management said in the statement that the company believes that fully leased trophy office buildings are driving recovery in the United States’ office market.
Philadelphia-based Brandywine will still maintain a notable presence in Austin. The Uptown ATX development close to Austin’s second downtown, The Domain, is still receiving a $31 million facelift that’s expected to complete by the end of 2027. Last year, Brandywine stole headlines by snagging Nvidia as a tenant. The six-story, 172,000-square-foot building is getting a shiny new lobby to go with other new amenities. Last year, Brandywine sold Quarry Lake II and Four Barton Skyway, according to the outlet. Quarry Lake II’s 120,600 square feet of office space went to Brick Row Holdings, and Four Barton Skyway went to an unknown buyer.
In the same announcement, Hines confirmed that it had also purchased Wicker Park Commons in Chicago.
— Hunter Cooke
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