Lowe Enterprises Investment Group Buys Stonebridge Plaza I for Pension Fund Client

AUSTIN-The class A, 193,200-sf Stonebridge Plaza I in Northwest Austin is now under the ownership of an unidentified pension fund client of Los Angeles-based Lowe Enterprises Investment Management Inc.

The 99%-leased office structure was completed last March by Transworld Properties, which has just broken ground on a 200,000-sf sister building in the heart of Austin’s Golden Triangle in the Northwest submarket, where Texas 183, MoPac Expressway and the Capitol of Texas Highway intersect. The building’s lead tenant is Globest Inc., with 53% of the space. Other tenants include Microsoft Corp., DPR Construction, Admiral Insurance and The Chubb Group.

“Austin is widely considered one of the top growth markets in the country,” Ted Leary, president of Lowe Enterprises Investment Management, says of yesterday’s announced sale.The nine-story structure, located at 9606 N. MoPac Expressway, is a contemporary glass and TX limestone design of House Reh Burwell Architects of Austin. The building is complemented by a six-level parking garage.

A Lowe’s spokeswoman told GlobeSt.com this marks this year’s first culminated deal in Texas for the investment firm, which manages more than $3 billion in real estate assets for a number of major pension fund clients. In the past 28 years, Lowe’s has acquired, managed or developed more than $6 billion of real estate assets nationwide. The premier Stonebridge’s sale has been handled by Lowe Colorado executive vice presidents.

Stonebridge Plaza I, which set the design for the sister project, features large flexible floorplates to accommodate large high-tech companies as well as smaller firms. Kennedy-Wilson, a diversified international real estate services firm based in Beverly Hills, CA, has served as the leasing agent and fee developer for the first phase and has just been selected to oversee those duties for the new building.