Wedge Group Gives 2 Thumbs Up

Houston-based private equity firm Wedge Group found two class A Austin office buildings to add to its portfolio.

By Anca Gagiuc, Associate Editor

Arboretum Atrium

Arboretum Atrium

Houston-based private equity firm Wedge Group has added a pair of Class A Austin office buildings to its portfolio. The seller, Velocis, a private equity real estate manager, sold the assets for an undisclosed amount.

 The properties, Arboretum Atrium and Las Cimas I, total more than 170,000 square feet. Velocis purchased them in 2013 from its partner, Moore & Associates, which managed and leased the properties.

Las Cimas I

Las Cimas I

Arboretum Atrium is a 91,083-square-foot office building with a three-story atrium located at 9737 Great Hills Trails in Northwest Austin. Restaurants, retail venues, and hotels are nearby, and the building is one block from Highway 183, MoPac, and Loop 360. The area is a hub for leading technology companies that include Apple, Cisco, HP, Microsoft, and Google.

Las Cimas I is located at 804 Las Cimas Blvd. in Southwest Austin, at the corner of Bee Caves and Loop 360. It comprises 82,787 square feet of space in its three stories. Both properties were fully leased at the time of the sale.

Hale Umstattd and Leah Gallagher of Transwestern represented the seller in the transaction.

Images courtesy of Moore & Associates

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