AUSTIN--Westlake Place, a 60,338-square-foot, multi-tenant office building in Austin has been acquired by Maryland-based Moore & Associates from a California-based partnership for an undisclosed price, according to CBRE.
Westlake Place is a five-story building located at 1515 South Capital of Texas Highway, in the southwest Austin submarket. The class B asset is 94.2 percent occupied and prominent tenants include Sotera Defense Solutions Inc., Frontier & Associates and Vertex Software Corp.
“The sale of Westlake Place was particularly exciting for our team. The transaction is representative of a developing Austin trend of long-term owners choosing to sell now,” says Cathy Nabours, CBRE first vice president. “Very few class B office buildings traded in the last two market cycles. Current owners of this product are finally able to take advantage of selling under favorable market conditions while buyers can still obtain historically low interest rates for new financing.”
“Moore & Associates has historically purchased institutional quality Austin properties and the group recently modified their buying strategy locally to include Class B suburban office with upside potential. Moore & Associates plans significant capital improvements to reposition the asset to take advantage of its coveted location on Capital of Texas Highway and capitalize on current tenant demand,” says Walter Saad, CBRE first vice president.
Saad, Nabours and Logan Reichle, with CBRE's Austin office, represented the seller.
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