Scruggs, who was vice president of leasing for CarrAmerica,oversaw its Austin portfolio, which fluctuated from 1.4 million sfto 3.3 million sf. The package included the just-sold,1.1-million-sf Riata office portfolio. He says CarrAmerica, nowowned by Blackstone Group of New York City, still owns the assetsand he'll act as a third-party leasing agent for its 136,075-sf7000 West at Lantana at 7000 W. William Dr.; 137,763-sf City ViewCentre at 1122 Capital of Texas Hwy. South; and 146,463-sf Settingat 1120 Capital of Texas Hwy. South.
Scruggs and Martha Watkus, who also left CarrAmerica to joinTranswestern Austin as property manager, are taking charge of the600,000-sf River Place Corporate Park in the far northwestsubmarket. Last month, JPMorgan Asset Management Holdings boughtout joint venture partner, Aspen Growth Properties Inc. of Austin,gaining full control of a 30-acre corporate park developed in2001.
Scruggs says New York City-based JPMorgan is planning to investmore capital into the asset. He tells GlobeSt.com that one of hisjobs, in fact, is to put together a capital budget to improve the75%-occupied park, which has Financial Industries Corp. as the leadtenant.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.