The two-story office building at 6800 Burleson Rd. is leased to Advanced Micro Devices. Gambhir Kaushek, DivcoWest's acquisitions director, says the plan is upgrade the 25-year-old structure once the occupant moves out. He and Sam Hamilton, DivcoWest's investment officer, negotiated the purchase.
AMD Building 312 sits on 18.9 acres of Lockheed Martin Corp.'s former one-million-sf campus in southeast Austin. Lockheed Martin vacated the campus in the late 1990s, with its nine buildings being sold piecemeal to several funds. DivcoWest bought its building from Burleson Investments LLC of Bainbridge, WA.
Although he wasn't involved in the deal, Tim Harrington, partner and senior vice president with Austin's Oxford Commercial, tells GlobeSt.com that the funds most likely are approaching the end of their holding periods. "The buyer likely bought it because of the fundamentals," he adds. "The area is near the airport and there's a lot of industrial development over there. It's probably one of the best industrial markets in our area."
Kaushek says DivcoWest says likes Austin and wants to buy more in the area. "We're looking, but nothing's under contract," he adds.
It's the second closing this year in Austin for the San Francisco-based investment manager. In February, it bought the 28-acre Parmer Business Park at the epicenter of the capitol city's northwest technology corridor.
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