DivcoWest Real Estate Investment & Asset Management's acquisitions team liked the 28-acre park in the 5300 block of Riata Park Court partly because it's 100% leased to Sun Microsystems Inc. until 2010. "When Sun's lease rolls, we are optimistic about our prospects to re-lease," Gambhir Kaushek, DivcoWest's acquisitions director, tells GlobeSt.com. He adds that Sun has not committed either way beyond the lease expiration.

Kaushek says another benefit to the complex, developed in 2000-01, is the area's infrastructure, quality of life and educated workforce. He says the company is planning additional acquisitions in the capital city, one of which is under negotiation.

Parmer Business Park also fits well into the fund's strategic goals. "The objectives of the fund are to seek and acquire high-quality office properties in major US cities that are driven by the technology sector," Kaushek says. "This particular property is in Austin; it's fully leased to Sun; and it's in a location we feel optimistic about." CB Richard Ellis brokered the transaction for the San Francisco-based seller.

Additionally, Austin is a technology and education sector underwritten by the University of Texas and companies like Dell Inc. among others. The combination provides companies locating to the area with a skilled and knowledge-based workforce, Kaushek says.