Texas Guaranteed Pockets Deed to 190,000-SF Office Building

ROUND ROCK, TX-Texas Guaranteed, which makes student loans, has closed on its purchase of 301 Sundance in the La Frontera development. Texas Guaranteed and Kennedy-Wilson International signed the papers Friday.

Texas Guaranteed put a contract on the 190,000-sf building in Round Rock in October. It plans to move into the building by October 2003, pushed back from a previously anticipated June move, after finish-out construction is completed. The plan is to use 160,000 sf from the start and try to lease the rest of the office space.

Neither Texas Guaranteed nor Kennedy-Wilson would disclose the price of the sale. Phil Capron, Kennedy-Wilson’s senior managing director in Austin, says his firm and partner Dutch Fortis Advisers would get their equity out of the deal. It gives them about $10 million to work with now instead of waiting several years for perhaps a better deal, he tells GlobeSt.com.

Texas Guaranteed will move from Tower of the Hills, a 172,000-sf building at 13809 Research Blvd. in the far northwest submarket. That lease with CarrAmerica Realty Corp. runs out in May 2004.Texas Guaranteed was represented by the Transwestern Commercial Services team of Riis Christensen, managing director of tenant services in Dallas; Ty Puckett, senior vice president in Austin; and Powell McGill, senior vice president, and Tom Reagan, executive vice president, both in Northern Virginia.