{"id":1004737877,"date":"2024-11-19T23:35:26","date_gmt":"2024-11-20T07:35:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004737877"},"modified":"2024-11-20T00:16:56","modified_gmt":"2024-11-20T08:16:56","slug":"brandywine-sells-2-in-austin-for-108m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brandywine-sells-2-in-austin-for-108m\/","title":{"rendered":"Brandywine Sells 2 in Austin for $108M"},"content":{"rendered":"\n

<\/p>\n\n\n

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\"Aerial<\/a>
Brandywine Realty Trust still owns one of the four buildings in the Barton Skyway office park in Southwest Austin. Image by Scott Mason Photography, courtesy of Brandywine Realty Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n

The city of Austin, Texas, has acquired One and Two Barton Skyway, two office buildings totaling about 386,000 square feet in Southwest Austin. Brandywine Realty Trust sold the assets for $107.6 million, or $275 per square foot. The buyer expects to spend an additional $3 million on renovations and $9 million on design services.<\/p>\n\n\n\n

The buildings will serve as consolidated public safety headquarters for Austin Police, Austin Fire and the Austin-Travis County Emergency Medical Services, currently scattered across the city.<\/p>\n\n\n\n

This new location will generate significant cost savings and increased efficiencies, said Mayor Kirk Watson in prepared remarks. Building a new comparable facility would have cost approximately $234 million, or $600 per square foot, more than double the price of buying the existing assets, according to the city.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Austin Office Market Commands High Prices<\/a><\/p>\n\n\n\n

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Located at 1501 and 1601 S. MoPac Expressway and completed in 1999 and 2000, both Class A buildings stand four stories tall and encompass roughly 195,000 square feet each. Also, both have 50,000-square-foot floorplates. The campus the buildings are in, located near Zilker Park, includes two five-level parking garages, each with more than 780 parking spaces.<\/p>\n\n\n\n

The Barton Skyway office park, situated on 35 acres, comprises four buildings. Brandywine still owns Four Barton Skyway, which is currently 94 percent leased.<\/p>\n\n\n\n

Brandywine\u2019s strategy<\/h2>\n\n\n\n

The sale of the two buildings is consistent with the REIT\u2019s capital recycling and portfolio management objectives, Jerry Sweeney, president & CEO, stated in prepared remarks.<\/p>\n\n\n\n

Sweeney also noted the REIT’s commitment to Austin. He cited the company\u2019s development of 405 Colorado<\/a>, a 25-story Class A office building, and Uptown ATX, a 66-acre master-planned development that’s a cornerstone of Austin\u2019s emerging second downtown. Brandywine completed Uptown ATX\u2019s One Uptown<\/a>, a 381,739-square-foot, 14-story, Class A office building, in January. The mixed-use campus will have 3.2 million square feet of office, retail and residential space upon buildout.<\/p>\n\n\n\n

Closer to home, Brandywine recently signed a 119,000-square-foot lease at 250 Radnor St., a life science and office building in Radnor, Pa<\/a>., a Philadelphia suburb. That 168,000-square-foot building is now fully leased.<\/p>\n\n\n\n

Brandywine\u2019s portfolio, which is concentrated in the Philadelphia and Austin markets, comprised 147 properties and 21.1 million square feet as of Sept. 30.<\/p>\n","protected":false},"excerpt":{"rendered":"

The city snapped up the office assets.<\/p>\n","protected":false},"author":1068,"featured_media":1004737880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21808,21783,21742,21747,51973],"tags":[34672,38557,52521],"class_list":["post-1004737877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-featured","category-investment","category-latest","category-office","category-southwest","tag-brandywine-realty-trust","tag-jerry-sweeney","tag-uptown-atx"],"acf":[],"yoast_head":"\nBrandywine Sells 2 in Austin for $108M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The city of Austin, Texas acquired two office buildings from Brandywine Realty for its consolidated public safety headquarters.\" \/>\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\/brandywine-sells-2-in-austin-for-108m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brandywine Sells 2 in Austin for $108M\" \/>\n<meta property=\"og:description\" content=\"The city of Austin, Texas acquired two office buildings from Brandywine Realty for its consolidated public safety headquarters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brandywine-sells-2-in-austin-for-108m\/\" \/>\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=\"2024-11-20T07:35:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-20T08:16:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Barton_Exterior_Aerial_06-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2668\" \/>\n\t<meta property=\"og:image:height\" content=\"2003\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/brandywine-sells-2-in-austin-for-108m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-sells-2-in-austin-for-108m\/\",\"name\":\"Brandywine Sells 2 in Austin for $108M - 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