Wells declined to discuss the price, but brokers say it was around $200 per sf, about $39 million. The seller was CarrAmerica Realty Corp., based in Washington, DC. Mark McAllister, a broker with the Austin office of Los Angeles-based CB Richard Ellis Inc., represented CarrAmerica.
The seven-story building has something that many Austin building owners would like: a long-term tenant that occupies the entire building. The tenant, Harcourt Inc., an educational publisher, has a 10-year lease. Harcourt consolidated the offices of its Holt, Rinehart & Winston and Steck-Vaughn divisions into the building.
The building is part of the Braker Pointe complex at MoPac Boulevard and Braker Lane. The 8.4-acre site includes two other buildings with two hotels planned.
The purchase is Wells' first in Austin and follows a buying pattern. In San Antonio, it purchased 6200 Northwest Parkway, which is 100% leased through November 2010 to Pacificare Health Systems.
Wells' other Texas properties are the 157,792-sf complex leased to IKON Office Solutions Inc., a 119,040-sf building leased to Boeing Co., and a 200,000-sf structure leased to Stone & Webster, a subsidiary of the Shaw Group, all in Houston; a 118,018-sf building in Plano; 40,000-sf building in Dallas; and a 292,000-sf building in Allen.
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