{"id":1004758131,"date":"2025-05-15T06:53:52","date_gmt":"2025-05-15T14:53:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004758131"},"modified":"2025-05-15T06:53:54","modified_gmt":"2025-05-15T14:53:54","slug":"city-of-austin-pays-26m-for-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-of-austin-pays-26m-for-office-asset\/","title":{"rendered":"City of Austin Pays $26M for Office Asset"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Exterior<\/a>
The eight-story University Park features floorplates that average 24,376 square feet. Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

The City of Austin has acquired University Park, a\u00a0206,657-square-foot office building in Austin, Texas. Lionstone Investments sold the property for $26 million, with the assistance of JLL Capital Markets. <\/p>\n\n\n\n

The property was 20 percent leased at the time of sale. Lionstone had purchased it from Spear Street Capital in 2016, according to CommercialEdge information.<\/p>\n\n\n\n

Austin’s office investment volume<\/a> in the first quarter of the year clocked in at $111 million, according to the latest CommercialEdge report<\/a>. Assets in the metro traded for $278 per square foot, well above the $183 national average. However, the market’s vacancy rate was one of the biggest in the U.S., reaching 28.5 percent.<\/p>\n\n\n\n

A LEED Gold-certified Austin office building<\/h2>\n\n\n\n

Completed in 2008, the eight-story building is at 3300 N. Interstate Highway 35. Located within 2 miles from downtown Austin, the mid-rise is also north of the University of Texas and adjacent to St. David\u2019s Medical Center.  <\/p>\n\n\n\n

The LEED Gold-certified property has floorplates averaging 24,376 square feet. Amenities include a fitness center, retail space and covered parking. Its tenant roster currently features SpareFoot, WeWork, The Central Texas Regional Mobility Authority, Iron Crest National Title and Ticketbud, the same source shows.<\/p>\n\n\n\n

JLL Capital Markets Managing Directors Ryan Stevens and Drew Fuller led the investment sales and advisory team that worked on behalf of the seller. <\/p>\n\n\n\n

At the beginning of March, Lionstone sold Advance Auto Parts Tower<\/a>, a 20-story, 346,000-square-foot, LEED Gold\u2013certified office tower in Raleigh, N.C. Highwoods Properties Inc. acquired the property for $138 million and the transaction was featured on Commercial Property Executive<\/em>‘s short list of significant office and industrial deals <\/a>that have closed so far this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property was 20 percent leased at the time of the sale.<\/p>\n","protected":false},"author":3619,"featured_media":1004758136,"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":[32796,32779,33177],"class_list":["post-1004758131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-investment","category-latest","category-office","category-southwest","tag-jll","tag-leed","tag-lionstone-investments"],"acf":[],"yoast_head":"\nCity of Austin Pays $26M for Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The City of Austin acquired University Park, a\u00a0206,657-square-foot office building in Austin, Texas, from Lionstone Investments.\" \/>\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\/city-of-austin-pays-26m-for-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City of Austin Pays $26M for Office Asset\" \/>\n<meta property=\"og:description\" content=\"The City of Austin acquired University Park, a\u00a0206,657-square-foot office building in Austin, Texas, from Lionstone Investments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/city-of-austin-pays-26m-for-office-asset\/\" \/>\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=\"2025-05-15T14:53:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-15T14:53:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/University-Park-in-Austin-Texas-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\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\/city-of-austin-pays-26m-for-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/city-of-austin-pays-26m-for-office-asset\/\",\"name\":\"City of Austin Pays $26M for Office Asset - 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