DivcoWest Sells Austin Office Campus
HFF assisted the seller in the transaction and procured the buyer, a joint venture partnership between Vanderbilt Partners and True North Management Group.
By Timea Papp
HFF brokered the sale of and arranged acquisition financing for The Campus at Arboretum, a five-building, Class A office campus in Austin’s Northwest submarket. DivcoWest sold the property totaling 318,534 square feet to a partnership between Vanderbilt Partners and True North Management Group.
HFF’s advisory team worked on behalf of the seller to procure the buyer, concurrently assisting the new owner/borrower in placing the five-year, floating rate acquisition loan with JP Morgan Chase. The Campus at Arboretum encompasses Buildings I-III at 10415 Morado Circle, Building IV at 10814 Jollyville Road and Building V at 10431 Morado Circle, completed between 1986 and 2000.
Lobby upgrades
Situated on a 16.5-acre campus, the three-story buildings are 97 percent leased to a wide array of tenants including BMC Software Inc., vAuto Inc., Freese and Nichols Inc. and Trion Worlds Inc. The office park has recently undergone renovations and features modern lobby finishes in each building, a fitness facility with showers and locker rooms, executive conference center and a parking ratio of 3.5 spaces per 1,000 square feet. Tenants have access to picnic areas with Wi-Fi, volleyball and basketball courts, outdoor seating and food trucks that make daily visits to the property.
The Campus at Arboretum is close to Apple’s North Austin Operations Center, less than five minutes from the Domain, and close to major thoroughfares including U.S. Route 183, Capital of Texas Highway and Texas State Highway Loop 1 (MoPac). The office center is within walking distance of more than 100 restaurants and retailers at Arboretum, Arboretum Market, Great Hills Market and North Hills Town Center.
Images courtesy of AQUILA
