KBS Realty Sells 388 KSF Office Campus in Austin
Intercontinental Real Estate Corp. is the new owner of Stonebridge Plaza I & II, a Class A asset comprising two LEED-certified buildings adjoined by a parking garage.
By Keith Loria, Contributing Editor
Intercontinental Real Estate Corp. has acquired Stonebridge Plaza I & II, a two-building, Class A office property in Austin, Texas, from KBS Realty Advisors.
The price of the transaction was not disclosed.
Stonebridge Plaza I and II were originally developed in 2001. KBS acquired the campus in 2016 from Heitman, with the help of a $90.5 million acquisition loan from Mesa West Capital.
Located at 9600 and 9606 North MoPac Expressway, the 388,024-square-foot property consists of two nine-story towers positioned on 5.1 acres, elevated to provide unobstructed views of Austin’s burgeoning downtown area. Both buildings are LEED-certified and the duo are adjoined by a parking garage that sits seven stories.
100 percent leased
The property is fully leased to a tenant roster that includes three Fortune 500 companies. In May, GTT Communications, an internet service provider, signed a 44,500-square-foot office lease at Stonebridge Plaza I and II.
“KBS’ investment at Stonebridge Plaza I & II has been highly successful due to the strength of Austin’s leasing market,” Gio Cordoves, KBS senior vice president, said in a prepared statement. “With the marketing and leasing efforts of Edvin Beasley and Connor Atchley with Stream Realty, KBS was able to sign new, renewal or expansion leases touching nearly all of the 400,000-square-foot project in only two years’ time.”
KBS recently renovated the towers by adding a new outdoor space and updating its facilities.
Stonebridge Plaza I and II are located between the intersections of US 183, US 360 and the MoPac Expressway, and is in close proximity to the dining and shopping districts of The Domain and The Arboretum.
“The office property and its location have continued to be highly desirable,” Cordoves said. “KBS, along with Stream Realty, completed a tremendous amount of leasing in a very short period of time in addition to repositioning many of the property’s common areas. We are deeply proud of this accomplishment.”
Eastdil Secured’s Michael McDonald and Evan August represented KBS in the transaction.
Image courtesy of Yardi Matrix
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