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PRP-Led Venture Pays $145 Mil for TX Office Complex

2/21/20

PRP, in a venture with Kuwait Finance House Capital and GMF Capital, recently acquired the 3M Office and Lab Campus, a 335.8k sf, two-building complex located in the Northeast submarket of Austin, TX. The properties were sold by Karlin Real Estate for $144.8 mil ($431/sf).

Completed in 2019, the complex consists of a 204.4k sf office building and a 131.4k sf, single-story lab building. 3M leases the buildings for 14.5 years on an NNN basis.

The 3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate operating in the fields of industry, worker safety, health care, and consumer goods. Approximately 500 3M employees work in the two buildings, one a science center and the other a business center. The complex includes 43 laboratories and an innovation center that are designed to foster collaboration and innovation by bringing teams closer together.

“The 3M investment is our first investment in the Austin market for PRP’s corporate net lease platform,” stated Paul Dougherty, President of PRP. “Over the past two years, PRP has acquired 12 office and R&D buildings leased to investment-grade tenants in Washington, DC, Maryland, Northern Virginia, San Francisco, Dallas and Austin, and this acquisition helps PRP to achieve our 2020 goal of $1B in investments in this sector. We remain incredibly bullish on the positive fundamentals for this sector given the myriad of investment opportunities available to us”.





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