Donley Plaza is the third Austin office sale completed on behalf of private investors in two months
AUSTIN, Texas – February 1, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of Donley Plaza, a 69,547-square-foot office asset in Austin, Texas. Nashville-based OakPoint Real Estate and local partner Haverwood Management purchased the asset from a California-based partnership for an undisclosed price. Donley Plaza marks the fifth office acquisition in Austin for the OakPoint/Haverwood duo.
Donley Plaza, located at 2201 Donley Drive in North Central Austin, was 65 percent occupied at the time of closing. It was constructed in 1983 and renovated in 2013. The buyer has an immediate opportunity to lease one full floor of the building in a location just east of the Domain, a vibrant mixed-use community.
“OakPoint Properties and local operating partner Haverwood Management continue to make a name for themselves in the Austin investment market with the acquisition of Donley Plaza,” said Walter Saad. First Vice President, CBRE. “The building’s high parking ratio combined with zoning that allows for higher density in the North Burnet Gateway overlay should prove to increase overall future value for the group.”
To capitalize on the property’s dense parking ratio and proximity to public transportation, OakPoint and Haverwood are partnering with a local architecture firm to redevelop the property for creative and tech-oriented users. Additionally, the new ownership group is in the early planning stages for a large build-to-suit on the adjacent vacant site. It’s being marketing to large corporate users seeking value office space in and around the North Austin/Domain submarket.
“There’s an interesting shift happening as more office tenants recognize value in North Central Austin. Landlords deviating from traditional drop-ceilings and hard-wall offices are attracting technology-focused tenants that are deterred by the more expensive options along Mopac and at the Domain. Rates and occupancies continue to climb in this submarket along with demand,” said Cathy Nabours, First Vice President, CBRE.
Walter Saad, Cathy Nabours and Logan Reichle, with CBRE’s Austin office, represented the seller.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
