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AUSTIN-Holliday Fenoglio Fowler is hawking Arboretum Point, a 150,033-sf office building in the northwest submarket.

Senior Holliday Fenoglio directors Barry Brown and James Batjer have listed the class A building in the Arboretum, a high-end, mixed-use development at the confluence of US Highway 183, MoPac Expressway and Capital of Texas Highway. The area includes several other office buildings, the 478-room Renaissance Austin Hotel, the high-end Arboretum Shopping Center and restaurants. Several other shopping centers and office buildings are in the area.

The owner is Point Partners 93 Ltd., a partnership of the Gottesman Co. The company is headed by Sandy Gottesman, a former executive with Trammell Crow Co., which developed the Arboretum. “They see the market that’s looking for opportunities for consistent cash flow and there are large amounts of capital out there,” Brown says of the owner. “It’s market timing.”

The building is 100% leased through 2010 to Southwestern Bell Technology Resources, a unit of San Antonio-based SBC Corp., Brown tells GlobeSt.com. It has been in the building since 1995. Before that, Dell Computer Corp. leased the building for its headquarters.

“It’s located in best part of northwest Austin at the Arboretum where no other strategic office building can be built at that location,” Brown tells GlobeSt.com. “It’s just spectacular views and a very reasonable price per sf.”

Brown says the building has what buyers are looking for: “Very consistent cash flow, good term and it probably will be sold at a less than replacement cost-type number on a per square foot basis.” Arboretum Point’s assessed value is $19.5 million, according to the Travis Central Appraisal District. That’s down from $25 million in 2001.

According to Brown, the asking price is less on a per-sf-basis than the 195,230-sf Harcourt building brought when it recently sold. Wells REIT, based in Atlanta, reportedly paid about $200 per sf for the North Austin building.

The building also fits the profile of those that Wells has snapped up in Texas in the past six months. It has bought class A buildings in Houston, San Antonio and Austin, all 100% leased to single tenants.

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