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| Austin Oaks Office Park, Austin, TX |
The
HFF team marketed the offering on behalf of the seller, Spire Realty Group
LP. An affiliate of The Luzzatto Company, Inc. (TLC), a Los Angeles-based
investment firm, purchased the asset and was assisted by HFF in securing the
10-year acquisition loan through a life company lender.
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| Marc Luzzatto |
Originally constructed throughout
the 1970’s and 80’s, the redevelopment 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.
“I am excited to return to Austin,
where I spent my law school years, and give something back to the community in
the form of a wonderful and creative home for the dynamic business community that
has evolved since my time at the University of Texas,” said Luzzatto Co. Chairman Marc Luzzatto.
“I see a lot of
similarities between the vibe in Austin and in Santa Monica/Silicon Beach, and
we want to provide the same kind of creative environment at Austin Oaks that we
have created in some of our properties in Silicon Beach.”
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| Michael Hsu |
Hsu said. “We are thrilled to work on what may be the single most significant repositioning opportunity in Austin, if not all of Texas. The existing buildings create a perfect backdrop to transform this development into a modern reflection of Austin, which will blend with the city’s physical and business landscape.”
Holliday
GP Corp. ("HFF") is a Texas licensed real estate broker.
CONTACTS:
ANDREW LEVY
TX Lic. #0413696
HFF Senior Managing Director
(214) 265-0880
PAUL BRINDLEY
HFF Senior Managing Director
(310) 407-2100
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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