"We've remained patient, though it's been frustrating to do so," explains Jon Ruff, Spire Realty senior vice president. "When everyone was buying, we were sitting on the sidelines. But now there's a tremendous opportunity in the market, and we plan to be active in the coming years."

Ruff tells GlobeSt.com that Chase Tower at 221 W. Sixth St. made sense because of Austin's stability in the current economic downturn and a 1970s trophy asset that is 96% leased with notable tenants including JPMorgan Chase Bank, Bury & Partners and the Headliners Club. The sales price was kept under wraps, however, the Travis Central Appraisal District values the asset at $76.9 million. What makes the deal sweeter, Ruff says, is that office space in downtown Austin is in limited supply.

"We own another building in Austin at 611 E. 6th St.," Ruff adds. "We like the Austin market, we're interested in growing our portfolio there, and when this opportunity presented itself, we jumped at it." Spire Realty was represented in house. Andrew Levy and Todd Savage with Holliday Fenoglio Fowler LP's Dallas office represented the seller.

With Chase Tower safely in its collection, Spire Realty is on the hunt for other class A trophy type assets in Houston, Austin, Dallas and San Antonio. Spire Realty has been waiting on the sidelines for the craziness between 2005 and 2007 to end, and for the economy to pick up before jumping back into the market. Now the company is eager to get active. "Our war chest is ready and this is a great market to buy in," Ruff comments.