Pasadena, Texas-based Lincoln Property Company has sold Austin Centre, a premiere mixed-use project in Austin’s CBD, for $130 million. An affiliate of Sidra Capital, an investment bank headquartered in Jeddah, Saudi Arabia, secured a loan with JPMorgan for the acquisition, according to a Real Estate Capital Magazine article. Terms of the deal were not disclosed; Lincoln Property has owned Austin Centre since April 2013, public records show. Lincoln states earlier in the year that it would be leaving Austin Centre to move to the developer's newest office building — 5th+Colorado, which was designed by designed by HKS Architects of Dallas.
Originally built in 1986, Austin Centre is a 326,335 square foot Class A building at 701 Brazos Street in Austin. The 16-story building provides views of the Capitol and features amenities such as a health club, travel agency, car rental, clothing, sundry shop, hair styling, restaurants, meeting rooms, ATM machine, shoe shine service and valet service. The property was renovated in 2012-2015, and is attached via a 200-foot atrium with the separately owned Omni Austin Hotel Downtown.
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