AUSTIN, TX-San Francisco-based Spear Street Capital has purchased University Park, an eight-story office tower spanning 204,297 square feet in Austin, from SA East Avenue LLC, an entity set up by the lenders. The 23-acre project was foreclosed last June.
Lehman Brothers Holdings Inc., the initial lender of the project, filed for bankruptcy. The bankruptcy filing made the developers, East Avenue Office LLC and East Avenue Office Holdings LP, seek for more financing. Recently, the entity filed a suit against the developer.For the full story, go to Austin Business Journal.
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