A longtime Dallas property investor is headed to Austin for its first main purchase.
Dallas’ Pillar Industrial and a fund managed by New York-based DRA Advisors LLC have acquired 823 Congress, a not too long ago renovated workplace and retail tower in downtown Austin.
The 15-story, virtually 200,000-square-foot high-rise is about three blocks south of the Texas State Capitol.
The earlier proprietor, New York-based Brickman spent greater than $15 million in upgrades for the tower.
“The constructing has been up to date aside from a few flooring that we’re going to do,” stated Pillar Industrial’s Manny Ybarra. “We’re additionally seeking to activate the road degree.”
The tower was initially constructed in 1974.
Downtown Austin is without doubt one of the nation’s high industrial property funding markets, with a few of the highest workplace rents. Greater than $300 million in workplace purchases have been recorded within the Austin space within the first quarter.
“Texas continues to be a high web site choice vacation spot for corporations representing a variety of industries, with Austin being a top-tier market inside the state,” Ybarra stated.
The 823 Congress tower sale was dealt with by Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark. Phrases of the transaction weren’t disclosed.
New proprietor Pillar Industrial owns a number of Dallas-area workplace properties.
Early this 12 months the investor acquired the two-building Bluffview Towers workplace buildings close to Dallas’ Love Subject.
Additionally this 12 months, a Pillar Industrial partnership bought the One Preston Centre workplace constructing at 8222 Douglas Ave. in Dallas’ Preston Heart district.