AUSTIN--Accesso Partners LLC has acquired 7700 Parmer Lane, a 913,000-square-foot, 94-percent-leased high technology office campus in northwest Austin leased to Google, Oracle, eBay/Pay Pal, Electronic Arts, Polycom and Dun & Bradstreet. The price was not disclosed.

The 129-acre, class A four-building office complex is the second Austin acquisition in the last five months by the Hallandale Beach, FL.- based real estate investment firm. In June, Accesso purchased Riata Corporate Park, an eight-building 688,432-square-foot class A campus.

"We are doubling down on Austin because we feel it has all the traits of a real estate market with the proven potential for long term sustainable growth," Ariel Bentata, co-founder and managing partner, investments for Accesso Partners, told GlobeSt.com "Austin is clearly attracting world-class companies by the ease of doing business here, the educated and motivated work force and the sheer vibrancy of this city."

"Each of the six tenants at 7700 Parmer are global market leaders in their categories, providing us with exceptional long term income stability," he adds.  "Plus, with the 6 percent vacancy and strong demand for space on this campus, we have immediate upside potential."

Currently, there are two vacancies: 31,436 square feet in building B, adjacent to Oracle and 23,693 square feet in building C adjacent next to Electronic Arts.

Additionally, there is a value-add opportunity to develop a fifth office building within the current campus footprint. 

Says Bentata: "We will continue to expand the Accesso footprint in Austin." 

"7700 Parmer is the epitome of Austin today, a high-tech collaborative office environment that provides exactly what tenants want—a city within a city with a rich amenity base," says Michael McDonald, managing director in the Atlanta office of Eastdil Secured, who represented the seller and brought it to Accesso Partners. "And what investors want—the most impressive rent roll, not just in Austin but in the entire state of Texas. The aggregate market cap is $700 billion. You have to go to the Bay Area to find something like that."

"Plus, its amazing physical structure provides what tenants are looking for—a setting that helps them attract and retain talent," says McDonald. "That's what's important in technology today. Companies make decisions based on human capital, not real estate."

In Eastdil Secured's first transaction with Accesso Partners, McDonald credited the buyer with "phenomenal performance."

"Accesso was exemplary in the quality of its offer, in meeting all of our timing requests, in doing everything they said they were going to do—on time. I would highly recommend Accesso not only to our partners but to any seller."

The amenities at 7700 Parmer are aimed at the millennials technology companies covet, says Michael Adams, Accesso's asset manager for Texas. They range from a state-of-the-art auditorium to a full-service cafeteria with multiple culinary options, baseball field, basketball courts, soccer field, volleyball court and a day-care service. 

7700 Parmer has a class A location, near Apple's $300-million campus currently under construction, close to the corporate campuses for Dell, National Semiconductor, IBM and a planned office complex for Charles Schwab. 

Susan Hill, senior managing director of HFF in Houston, arranged the financing.