AUSTIN, TX—Westmount Realty Capital LLC, a Dallas-based real estate investment company, has sold its 546,984-square-foot portfolio of 13 office buildings within the Braker Center area. The buildings, acquired by Westmount in April 2014, are located on Kramer Lane and Metric Avenue between Interstate 35 and MoPac Expressway, close to The Domain, Austin's highly successful and popular mixed-use project in the preferred North Central submarket.
The Braker portfolio buildings were constructed in the mid-1980s, largely as dock-high, light industrial buildings with low office finish-out. The properties have now evolved to include more than 90% of office finish-out and effectively become a single-story, value-office campus.
“Westmount acquired this institutionally managed and maintained asset at an occupancy of 88% with stable cash flow,” Clifford A. Booth, president and CEO of Westmount said. “Through an extensive $1.5 million exterior facelift, Westmount repositioned, and re-branded the project as 'The Offices at Braker Center' to enhance its appeal as a well-located office alternative to traditional multi-story office buildings.”
These measures, combined with strategic leasing and marketing efforts, brought the asset's occupancy level to more than 93%. Rents also increased by more than 50% during the investment period.
“The greater Austin area is routinely recognized as a select location for corporate headquarters and supporting facilities,” Steve Kanoff, CIO and partner at Westmount noted. “The area has a strong regional infrastructure that is supported by a multi-tiered workforce, which makes it one of the strongest business environments in the United States.”
Current tenants at The Offices of Braker Center include Allergan Inc., Cenpatico, Integra Life Sciences and Renewal by Anderson.
Eastdil Secured represented Westmount in the transaction.
AUSTIN, TX—Westmount Realty Capital LLC, a Dallas-based real estate investment company, has sold its 546,984-square-foot portfolio of 13 office buildings within the Braker Center area. The buildings, acquired by Westmount in April 2014, are located on Kramer Lane and Metric Avenue between Interstate 35 and MoPac Expressway, close to The Domain, Austin's highly successful and popular mixed-use project in the preferred North Central submarket.
The Braker portfolio buildings were constructed in the mid-1980s, largely as dock-high, light industrial buildings with low office finish-out. The properties have now evolved to include more than 90% of office finish-out and effectively become a single-story, value-office campus.
“Westmount acquired this institutionally managed and maintained asset at an occupancy of 88% with stable cash flow,” Clifford A. Booth, president and CEO of Westmount said. “Through an extensive $1.5 million exterior facelift, Westmount repositioned, and re-branded the project as 'The Offices at Braker Center' to enhance its appeal as a well-located office alternative to traditional multi-story office buildings.”
These measures, combined with strategic leasing and marketing efforts, brought the asset's occupancy level to more than 93%. Rents also increased by more than 50% during the investment period.
“The greater Austin area is routinely recognized as a select location for corporate headquarters and supporting facilities,” Steve Kanoff, CIO and partner at Westmount noted. “The area has a strong regional infrastructure that is supported by a multi-tiered workforce, which makes it one of the strongest business environments in the United States.”
Current tenants at The Offices of Braker Center include
Eastdil Secured represented Westmount in the transaction.
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