Thomas and some unidentified institutional partners are expectedto close the deal within 60 days with affiliates of Blackstone RealEstate Advisors. John R. Sischo, executive vice president of ThomasProperties, tells GlobeSt.com that his company has worked for yearsto find this type of portfolio. "We think of Austin as one of thosecities that will continue to expand at a great level," he says."The econometric models and demographers have reinforced thatthought process."

Thomas Properties' goal was to add to its single asset, the333-acre Four Points Centre near Lake Travis in the northwestsubmarket. Earlier this month, the Los Angeles-based developerbroke ground on two office buildings in a 275,000-sf first phasefor the mixed-use Four Points development.

"When we first bought into Four Points, it became 'how do weexpand ourselves in this market,'" Sischo says. "We didn't wantone-offs. That would have taken too long and not given us enoughmomentum."