{"id":1004709966,"date":"2024-04-11T03:57:20","date_gmt":"2024-04-11T11:57:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709966"},"modified":"2024-04-11T05:27:26","modified_gmt":"2024-04-11T13:27:26","slug":"endeavor-snaps-up-120-ksf-austin-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/","title":{"rendered":"Endeavor Snaps Up 120 KSF Austin Office Building"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Property
Plaza on the Lake has direct frontage to Lake Austin. Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n

Endeavor Real Estate Group has purchased Plaza on the Lake\u2014a 120,798-square-foot office building in Austin, Texas\u2014through its Endeavor Opportunity Partners III discretionary fund. The previous owner was a joint venture between IPERS and Clarion Partners, CommercialEdge data shows. <\/p>\n\n\n\n

The asset previously traded in 2014 for $36.9 million, the same source reveals. Newmark brokered the current transaction on behalf of the seller.<\/p>\n\n\n\n

Rising three stories on a 4.5-acre site, the 1985-completed office building went through a $5 million capital improvement plan in 2021. The property features an outdoor amenity space and gym, as well as paddle board and kayak storage.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: 5 Strategies for Distress Buyers<\/a><\/p>\n\n\n\n

\n\n\n\n

Located at 5000 Plaza on the Lake in Southwest Austin, the property is roughly 7 miles southwest of U.S. Route 183 and some 13 miles northwest of downtown Austin. Pennybacker Bridge and Lake Austin are within walking distance of the office building, while Davenport Village\u2014a 129,000-square-foot retail center\u2014is 1 mile away.<\/p>\n\n\n\n

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr represented the seller.<\/p>\n\n\n\n

Austin’s office fundamentals<\/h2>\n\n\n\n

At the time of the deal, Plaza at West Lake was 68 percent leased, with 89 percent of the tenant roster secured during the last 3 years. According to a Newmark report, leasing activity totaled 4.1 million square feet in Austin last year, below the 16-year annual average of 7.4 million square feet. Unsurprisingly, the occupancy rate took a dip during 2023, with vacancy increasing by 420 basis points to 22.2 percent.<\/p>\n\n\n\n

Despite the increasing vacancy rate, Austin\u2019s office-using job market recorded 424,510 employees in November\u2014a 33.2 percent jump since 2019, the same report reveals. However, the market\u2019s overall unemployment rate at the end of 2023 rose by 62 basis points on a year-over-year basis, climbing to 3.4 percent, but still below the 5-year average of 3.9 percent.<\/p>\n\n\n\n

As reported in a recent market update<\/a>, Austin witnessed 2.9 million square feet of office space changing ownership year-to-date through November 2023, totaling $496 million. The average price per square foot reached $316.4, surpassing the national average of $192.8 per square foot. Last August, CIM Group sold Fifth + Tillery<\/a>, a 182,700 square feet office building, to Capital Metro for $87 million, according to Austin American-Statesman<\/em>.  <\/p>\n","protected":false},"excerpt":{"rendered":"

In 2021, the seller implemented a $5 million improvement plan at the property.<\/p>\n","protected":false},"author":3471,"featured_media":1004709970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21783,21742,21747,51973],"tags":[32790,35184,37946,50999],"class_list":["post-1004709966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-investment","category-latest","category-office","category-southwest","tag-clarion-partners","tag-endeavor-real-estate-group","tag-gary-carr","tag-newmark"],"acf":[],"yoast_head":"\nEndeavor Snaps Up 120 KSF Austin Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.\" \/>\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\/endeavor-snaps-up-120-ksf-austin-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Endeavor Snaps Up 120 KSF Austin Office Building\" \/>\n<meta property=\"og:description\" content=\"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/\" \/>\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=\"2024-04-11T11:57:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-11T13:27:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/\",\"name\":\"Endeavor Snaps Up 120 KSF Austin Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg\",\"datePublished\":\"2024-04-11T11:57:20+00:00\",\"dateModified\":\"2024-04-11T13:27:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\"},\"description\":\"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Property at 5000 Plaza on the Lake, Austin, Texas.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Endeavor Snaps Up 120 KSF Austin Office Building\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\",\"name\":\"Claudiu Tiganescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54\",\"caption\":\"Claudiu Tiganescu\"},\"description\":\"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. With a Bachelor's in English, a minor in Norwegian, and a Master's in linguistics, Claudiu is your go-to source for the latest commercial real estate news, particularly in the affordable, single-family rental, conversions and industrial sectors. You may reach him at claudiu.tiganescu@cpe-mhn.com\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/claudiu-tiganescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Endeavor Snaps Up 120 KSF Austin Office Building - Commercial Property Executive","description":"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/","og_locale":"en_US","og_type":"article","og_title":"Endeavor Snaps Up 120 KSF Austin Office Building","og_description":"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.","og_url":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-04-11T11:57:20+00:00","article_modified_time":"2024-04-11T13:27:26+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg","type":"image\/jpeg"}],"author":"Claudiu Tiganescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/","url":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/","name":"Endeavor Snaps Up 120 KSF Austin Office Building - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg","datePublished":"2024-04-11T11:57:20+00:00","dateModified":"2024-04-11T13:27:26+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66"},"description":"An entity affiliated with Endeavor Real Estate Group has purchased Plaza on the Lake, a 120,789-square-foot office asset in Austin, Texas.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg","width":1200,"height":900,"caption":"Property at 5000 Plaza on the Lake, Austin, Texas."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/endeavor-snaps-up-120-ksf-austin-office-building\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Endeavor Snaps Up 120 KSF Austin Office Building"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66","name":"Claudiu Tiganescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","caption":"Claudiu Tiganescu"},"description":"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. With a Bachelor's in English, a minor in Norwegian, and a Master's in linguistics, Claudiu is your go-to source for the latest commercial real estate news, particularly in the affordable, single-family rental, conversions and industrial sectors. You may reach him at claudiu.tiganescu@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/claudiu-tiganescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/5000-Plaza-on-the-Lake_076_-1_featured.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3471"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004709966"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709966\/revisions"}],"predecessor-version":[{"id":1004710104,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709966\/revisions\/1004710104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004709970"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004709966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004709966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004709966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}