Friday, April 29, 2011

Sale of Austin office property closed by HFF


DALLAS, TX – HFF announced  that it has closed the sale of University Park (top left photo), a 204,297-square-foot office tower in Austin, Texas.

HFF represented the seller, SA East Avenue, LLC, in the sale of the asset.  Spear Street Capital purchased the property for an undisclosed amount.  The original developer defaulted on the construction loan for the property, which was later foreclosed upon by a syndicate of lenders. 

Completed in 2009, University Park has eight stories of Class A office space that is currently 26 percent occupied.  The property represents the first phase of a mixed-use project adjacent to Interstate 35 just north of the University of Texas. 

Spear Street Capital is a San Francisco-based, real estate investment company dedicated to pursuing select office investment opportunities nationwide.  The firm has a significant presence in Austin having previously acquired projects including Riata Corporate Center, Las Cimas II & III and the former Freescale campus in north Austi

Andrew Levy, HFF Senior Managing Director, (214) 265-0880,
Todd Savage, HFF Managing Director, (214) 265-0880,
Elizabeth Malone, HFF Associate Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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