JV Sheds Riata Park With Sights on Campus Build Near Apple

Riata Corporate Park, an eight-building 688,100-square-foot office campus, recently sold in a confidential transaction.

AUSTIN, TX—Riata Corporate Park, an eight-building 688,100-square-foot office campus recently sold, according to a joint venture between Partners Group, a private markets investment manager, and Accesso, an investment manager and operator of multi-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 the Austin office market when we partnered with Accesso to acquire Riata Corporate Park,” said Ron Lamontagne, managing director/co-head of private real estate Americas, Partners Group. “As employers in the tech and pharmaceutical industry relocated to or expanded in Austin, attracted to the growing educated workforce, we were able to use our operational expertise to develop Riata into a highly attractive asset. Limited large block vacancies, the ability to develop an additional parcel and the credit rent roll led us to believe that this was a good time to market the property to a buyer who had a long-term vision for the asset.”