RiataCorporate Park, an eight-building 688,100-square-foot officecampus, recently sold in a confidential transaction.
AUSTIN, TX—Riata Corporate Park, an eight-building688,100-square-foot office campus recently sold, according to ajoint venture between Partners Group, a private markets investmentmanager, and Accesso, an investment manager and operator ofmulti-tenant office buildings. The sale price was not disclosed.The venture acquired the property in 2015.
"Partners Group had high conviction in the strength of theAustin office market when we partnered with Accesso to acquireRiata Corporate Park," said Ron Lamontagne, managingdirector/co-head of private real estate Americas, Partners Group."As employers in the tech and pharmaceutical industry relocated toor expanded in Austin, attracted to the growing educated workforce,we were able to use our operational expertise to develop Riata intoa highly attractive asset. Limited large block vacancies, theability to develop an additional parcel and the credit rent rollled us to believe that this was a good time to market the propertyto a buyer who had a long-term vision for the asset."
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.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
