By Timea Papp
Intercontinental Real Estate Corp. has completed the purchase of 5th & Colorado, a newly constructed Class A+ office tower in downtown Austin. The Boston-based real estate investments company’s most recent acquisition is in the southwest quadrant of Austin’s central business district, where much of the city’s construction activity is taking place.
Located at 201 W. 5th St., the 18-story glass and metal building was completed in 2016 and comprises nine floors of office space above eight levels of structured parking, as well as a ground floor lobby containing 5,822 square feet of retail space. 5th & Colorado features on-site management, interactive digital lobby screens, a fitness center with showers and locker rooms, on-site security and 447 parking spaces. The property’s tenant profile includes finance, technology, energy and co-working firms.
Developed by Lincoln Property Co., the LEED-certified asset is close to the CBD’s Warehouse District and to a varied amenity base including nearby restaurants, shops, hotels and a wide range of entertainment venues. 5th & Colorado offers direct ingress and egress from Texas State Highway Loop 1 and Interstate 35 and is well-connected to major north/south and east/west city arterial roads.
“The acquisition of the 5th & Colorado office tower provides Intercontinental and our investors with yet another great opportunity in the Austin, Texas market. This investment aligns perfectly with our strategy to target core investments in a highly dynamic market,” said Peter Palandjian, chairman & CEO of Intercontinental, in prepared remarks.
Image courtesy of Intercontinental Real Estate Corp.