By Veronica Grecu
The 220,693-square-foot, Class A office structure was recently sold in a $39.7 million transaction brokered by HFF, who also procured the buyer, Taurus Investment Holdings of Boston. According to Yardi Matrix, the sale was subject to a $25.8 million loan provided by the Austin office of Independent Bank. Prior to this sale, a $14.9 million loan held by Allstate Life Insurance Co. was placed in August 2008. The loan was used by Buchanan Street Partners to finance the $22.9 million acquisition of The Pyramid.
Located at 601 NW Loop 410 close to the San Antonio International Airport, the nine-story structure was built in 1980. The property offers 763 parking spaces in a multi-level garage, boasting a parking ratio of 3.56 spaces/1,000 square feet. The Pyramid also features 2,899 square feet of retail space, and the list of amenities includes a fitness center, common area Wi-Fi, as well as tenant in-suite and central restrooms.
The new buyer plans at least $1.5 million in renovations, according to the San Antonio Express-News. The structure went through cosmetic renovations in 1993, 2006 and 2015.
The office building benefits from outstanding visibility at the corner of NW Loop 410 and San Pedro Avenue. The Pyramid was 87 percent occupied at the time of sale, and is part of a highly competitive set of San Antonio buildings that are close to reaching 95 percent occupancy. The Pyramid’s anchor tenant, the General Services Administration, occupies more than half of the rentable office space. Other tenants include Davidson Troilo Ream & Garza, Experian, Kimley-Horn & Associates and Arthur J. Gallagher & Co.
Image courtesy of Yardi Matrix