Divco West Group LLC, a real estate investment company based in San Francisco, announced this week that it had acquired Prominent Pointe I and II in Northwest Austin for $53 million. According to an Austin Business Journal article, Divco West secured the purchase with $33 million in financing secured through Texas Realty Capital in Austin's partner lender, Sun Life Assurance Co. of Canada. Austin-based Aquila Commercial arranged the transaction on behalf of the seller, Aspen Properties.
"We've had good success investing in the Austin market over the years, and as an owner/operator with a strong reputation among technology tenants, Austin — arguably one of the premier tech-oriented markets in the country — is one of our natural targets for investment," said Stuart Shiff, CEO of Divco West.
The two-building Class A office project in Austin totals 261,243 square feet between the two buildings at 8310 N. Capital of Texas Highway. The buildings were reportedly 91% leased at the time of sale, with 46 total tenants including Sony Online Entertainment LLC. Prominent Pointe I was remodeled in 2007 and Prominent Pointe II was constructed in 2008 to accompany it.
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