10-18-2013 11:40 PM

Dallas investors grab another chunk of Austin office market

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Spire Realty Group in Dallas purchased the Austin Oaks office complex, which covers 31-acres of hilly land near Mopac Expressway.




Spire Realty Group LP of Dallas is increasing its footprint in Austin with the purchase of the Austin Oaks office complex at Mopac Expressway and Spicewood Springs Road.
The 31-acre campus, which was built in 1973, includes 12 buildings encompassing 445,322 square feet. The seller was 2011 Austin Oaks Ltd., an entity formed by Austin-based Riverside Resources Inc. The purchase price was not disclosed. However, Riverside paid $35 million for the complex in May 2011, as the Austin Business Journal reported earlier.
The office park is the 11th-largest multitenant office in Austin, based on recent ABJ research.
Spire also owns the 21-story Chase Tower at 221 W. Sixth St. in downtown.
Riverside Resources owns and develops a variety of real estate properties. Recently, it listed the Whitley, a new downtown luxury apartment building, for sale.
Jon Ruff of Spire Realty handled that company’s side of the deal. Todd Mills and Casey Knust of CBRE Group Inc. represented Riverside Resources.
The Austin Business Journal recently published an indepth look at Austin's robust office real estate market.
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