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The Luzzatto Company Buys 445k sf TX Office Park

8/24/18

An affiliate of The Luzzatto Company Inc (TLC) acquired Austin Oaks, a 12-building, 445.3k sf office park in Central Austin, TX. The property was sold by Spire Realty Group LP.

Situated on 31.4 acres along MoPac (Loop 1), Austin Oaks is Austin’s largest infill office park and is currently home to 140 tenants representing a diverse mix of industries, including financial services, healthcare, legal and technology. TLC purchased the property as a long-term investment with plans to reposition it into a more creative, tech-friendly campus akin to modern creative office campuses in the Los Angeles area that have attracted the entertainment, media and tech industries throughout the past several years.

Originally constructed throughout the 1970’s and 80’s, the redeveloped property will be designed by Austin-based Michael Hsu Office of Architecture and will place an emphasis on green initiatives and aesthetic elements such as art and landscaping. TLC also plans to add café and fitness amenities to the campus.

While the property is currently entitled to add more than 800k sf of office, multi-housing and retail space, TLC intends to focus on the value that exists in the current improvements and on its efforts repositioning the existing buildings into what it believes will be a world-class creative office campus.

Much of the redevelopment work will be deferred as part of much longer-term plans for the property. TLC hopes that its approach to Austin Oaks will be well-received by the City Council, adjacent property owners and current tenants.

A team from HFF represented the seller in the transaction. HFF also arranged the 10-year acquisition loan through a life company lender. The price was not given out.





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