AUSTIN—The office building 2550 S. IH-35, a 16,200-square-foot property in South Austin, has been repositioned and sold after receiving multiple offers.
Commercial real estate firm ECR was hired in 2011 by the building's ownership to provide leasing services and reposition the asset.
“2550 S. IH-35 has come a long way since it was fully vacated by the previous ownership,” Jason Steinberg, senior brokerage advisor, told GlobeSt.com. “The seller completed a significant renovation in 2011 and our team quickly leased up the building to 100 percent. The ownership was very pleased with the amount of interest our team generated for this off-market purchase opportunity. After receiving several offers, we focused on one buyer who was able to close quickly and it was a great deal for our client and the new building ownership.”
ECR attributes the lease-up and sale of the building to the ownership's responsiveness after all information was presented and “the sale resulted in a great return on investment for ECR's client.”
“Our initial involvement with ECR was to use them as our leasing broker for a building we had recently acquired,” Bobby Rios, a partner within the ownership group, says. “… When it came time to sell our building, we turned to ECR to help us with this endeavor. Again, they did an excellent job of marketing the building to the appropriate prospective buyers.”
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