{"id":1004540425,"date":"2021-06-17T10:37:27","date_gmt":"2021-06-17T18:37:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004540425"},"modified":"2022-12-08T19:19:05","modified_gmt":"2022-12-09T03:19:05","slug":"usaa-patrinely-sell-austin-office-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/usaa-patrinely-sell-austin-office-development\/","title":{"rendered":"USAA, Patrinely Sell Austin Office Development"},"content":{"rendered":"
\"\"<\/a>

Aspen Lake Three office development. Image courtesy of Patrinely Group<\/p><\/div>\n

A partnership of USAA Real Estate and a Patrinely Group investment fund announced it has sold a recently completed office development in Austin, Texas, to an unnamed buyer.<\/p>\n

The 128,990-square-foot property in northwest Austin, known as Aspen Lake Three, was completed last month and will be 100 percent leased<\/a> by financial software company Q2 Holdings Inc. In May, the venture obtained a $28.5 million construction loan from Frost Bank for the development, according to CommercialEdge.<\/p>\n

A representative for Patrinely Group did not respond to a request for information on the sale price or the identity of the buyer.<\/p>\n

\n

READ ALSO: <\/strong>KBS Sells South Austin Industrial Park<\/a><\/p>\n

\n

Patrinely and USAA first acquired the vacant, 205,000-square-foot Aspen Lake One building and two adjoining sites in 2011. Last May, the venture launched construction on Aspen Lake Three. The Class A property is the third building to rise at the Aspen Lake development. In addition to Aspen Lake Three, Q2 Holdings also leases space in the Aspen Lake One and Aspen Lake Two office buildings.<\/p>\n

The Austin development isn’t the first office project for the joint venture. In April, USAA and Patrinely topped out a speculative office development<\/a> in downtown Salt Lake City. The 332,000-square-foot building is slated to be completed in the first quarter of 2022.<\/p>\n

Q2 Holdings has had a big year so far. In addition to the new office lease, the company entered into an agreement in January for naming rights of the city\u2019s new soccer stadium that serves as the home for Major League Soccer franchise Austin FC. The $240 million stadium officially opened this week in north Austin, hosting the U.S. women\u2019s national team in its 2-0 win over Nigeria.<\/p>\n

Market on the rise<\/strong><\/h2>\n

Austin\u2019s office market performance is gradually recovering, with the most recent data showing<\/a> that vacancy improved by 20 basis points month-over-month from March to April of this year. Earlier this week, real estate firm Kilroy Realty announced the blockbuster $580 million purchase<\/a> of the Indeed tower in downtown Austin, the tallest and largest office building in the city. The acquisition marked Kilroy\u2019s first foray into the Austin market and comes on the heels of Carr Properties\u2019 own entr\u00e9e into the metro with the $293 million purchase<\/a> of 100 Congress Avenue last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The brand-new building will be fully leased by Q2 Holdings.<\/p>\n","protected":false},"author":745,"featured_media":1004540426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21743,21782,21742,21747],"tags":[33948,32957],"class_list":["post-1004540425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-deals","category-development","category-latest","category-office","tag-patrinely-group","tag-usaa-real-estate-company"],"acf":[],"yoast_head":"\nUSAA, Patrinely Sell Austin Office Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/usaa-patrinely-sell-austin-office-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USAA, Patrinely Sell Austin Office Development\" \/>\n<meta property=\"og:description\" content=\"The brand-new building will be fully leased by Q2 Holdings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/usaa-patrinely-sell-austin-office-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-17T18:37:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:19:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Aspen-Lake-Three-courtesy-of-Patrinely-Group-e1623953759479.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"USAA, Patrinely Sell Austin Office Development\",\"datePublished\":\"2021-06-17T18:37:27+00:00\",\"dateModified\":\"2022-12-09T03:19:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/\"},\"wordCount\":398,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/06\\\/Aspen-Lake-Three-courtesy-of-Patrinely-Group-e1623953759479.jpeg\",\"keywords\":[\"Patrinely Group\",\"USAA Real Estate Company\"],\"articleSection\":[\"Austin\",\"Deals\",\"Development\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/usaa-patrinely-sell-austin-office-development\\\/\",\"name\":\"USAA, Patrinely Sell Austin Office Development - 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