{"id":1004700620,"date":"2024-02-02T03:28:10","date_gmt":"2024-02-02T11:28:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004700620"},"modified":"2024-02-02T07:53:04","modified_gmt":"2024-02-02T15:53:04","slug":"pacific-oak-taps-transwestern-to-lease-dallas-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pacific-oak-taps-transwestern-to-lease-dallas-portfolio\/","title":{"rendered":"Pacific Oak Taps Transwestern to Lease Austin Portfolio"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" alt=\"Great Hills Plaza, an office building at 9600 Great Hills Trails.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004700621\" data-id=\"1004700621\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Great-Hills.jpg\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Great-Hills.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Great-Hills.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Great-Hills.jpg?resize=768,576 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Great Hills Plaza is currently undergoing a full-building capital renovation. All images courtesy of Transwestern Real Estate Services<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"562\" alt=\"Park Centre, an office campus at 8601 Ranch Road 2222\" class=\"wp-block-jetpack-slideshow_image wp-image-1004700622\" data-id=\"1004700622\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Park-Centre.png\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Park-Centre.png 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Park-Centre.png?resize=300,225 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Park Centre features floorplates averaging 33,700 square feet.<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" alt=\"Westech 360, an office campus at 8911 N. Capital of Texas Highway.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004700623\" data-id=\"1004700623\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Westech-360.jpg\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Westech-360.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Westech-360.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Westech-360.jpg?resize=768,576 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The four-building Westech 360 came online in 1986. <\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n\n<p><strong>Pacific Oak Capital Advisors<\/strong> has tapped <strong>Transwestern Real Estate Services<\/strong> to lease a three-property office portfolio in Austin, Texas, measuring 521,401 square feet across eight buildings.<\/p>\n\n\n\n<p>Transwestern Managing Director Brandon Lester, Vice President Max Appling and Senior Associate Marshall Thurmond will spearhead the leasing efforts and provide property management at Great Hills Plaza, Westech 360 and Park Center.<\/p>\n\n\n\n<p>The assets last traded in 2013 in a portfolio transaction, when <strong>KBS Realty Advisors<\/strong> acquired them for $76 million from <strong>CalSTRS<\/strong>, CommercialEdge data shows. In 2019, the board of three&nbsp;KBS-managed trusts moved their existing advisory arrangements to Pacific Oak.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The office portfolio, up close<\/h2>\n\n\n\n<p>Westech 360 is a four-building campus totaling 175,557 square feet. The 1986-completed park went through cosmetic renovations in 2014, including upgraded atrium lobbies, a fitness center and a conference facility. Plans for one of the buildings call for four new speculative suites ranging from 3,575 to 8,239 square feet, with completion expected in the second quarter of 2024.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-austin\/\">Top 5 Office Projects Under Construction in Austin<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Tenants at the 10-acre property include Office Evolutions, Ogden &amp; Latson and Evernote. The campus is at 8911 N. Capital of Texas Highway, close to a host of dining and retail options, including shopping mall The Arboretum. Downtown Austin is 10 miles southeast.<\/p>\n\n\n\n<p>Completed in 1985, Great Hills Plaza is currently undergoing a full-building capital renovation plan. Features of the 140,748-square-foot facility include an upgraded lobby, atrium lounges and elevator lobbies, along with new speculative suites that are scheduled for completion later this year. Regus, Pattern Bioscience and Intera are some of the tenants.<\/p>\n\n\n\n<p>The three-story building at 9600 Great Hills Trails is less than a mile from Westech 360 and some 6 miles from Park Centre. Austin-Bergstrom International Airport is some 17 miles away.<\/p>\n\n\n\n<p>The three-building Park Centre came online in 2000 and includes 750 square feet of ground-floor retail space. Amenities comprise a fitness center, more than 800 parking spaces, a tenant lounge and outdoor gathering spaces. Microchip is one of the tenants at the 205,096-square-foot park. Located at 8601 Ranch Road 2222, the property is 11 miles from downtown Austin and 21 miles from Austin-Bergstrom International Airport.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-austin-s-office-market-shows-mixed-signals\">Austin\u2019s office market shows mixed signals<\/h2>\n\n\n\n<p>According to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/navigating-office-sector-transitions-in-2024\/\">CommercialEdge office report<\/a>, Austin\u2019s listing rate clocked in at $41.2 as of December, above the $37.6 national average. However, the metro\u2019s vacancy rate during the same month was 21.1 percent, 280 basis points higher than the country\u2019s average.<\/p>\n\n\n\n<p>In May, IBM Corp. leased <a href=\"https:\/\/www.commercialsearch.com\/news\/ibm-leases-320-ksf-at-austin-twin-office-buildings\/\">320,000 square feet<\/a> at a two-tower office development in Austin. Slated for completion in 2027, the 14-story buildings will encompass 500,000 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The assignment encompasses more than 500,000 square feet.<\/p>\n","protected":false},"author":3355,"featured_media":1004700621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21784,21742,21747,51973],"tags":[40376,35334,50857],"class_list":["post-1004700620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-brokerage","category-latest","category-office","category-southwest","tag-calstrs","tag-kbs-realty-advisors","tag-transwestern-real-estate-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pacific Oak Taps Transwestern to Lease Austin Portfolio - 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