AUSTIN, TX-CBRE's Austin office has brokered the sale of 717 Parmer to Gladstone Commercial Corporation. The Virginia-based REIT purchased the 320,000-square-foot, class A office property for an undisclosed sum.
General Motors recently leased 717 Parmer in its entirety for its IT Innovation Center. The property was developed by Dell in 2000 and has recently undergone extensive interior improvements. The four- story building sits on 23 acres which include abundant parking, three volleyball courts. The building was designed with large open floor plates, including raised flooring throughout for flexible plug and play configuration.
717 Parmer is situated along the Parmer Corridor between Apple and Samsung and is located directly across from Karlin's new master-planned business park, PARMER, which will include several million square feet of class A office and flex buildings for large corporate occupiers.
Karlin elected to consider a sale of the property after receiving numerous inquiries about a potential sale following the lease announcement with General Motors.
“CBRE engaged a very select buyer pool on a non-priced, competitive bid process,” said Mark Emerick, a senior vice president with CBRE. “Gladstone Commercial was eventually awarded the deal after the buyer pool was limited to a best and final grouping.”
Emerick and John Barksdale, with CBRE Austin, represented the seller, Karlin Real Estate.
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