 |
| Kelsey Shebay |
DALLAS, TX – JLL Capital Markets has closed the sale and arranged financing for the acquisition of Westview, a LEED-Gold, Class A creative office building totaling 100,166 square feet in downtown Austin, Texas.
JLL
procured the buyer, Arc Capital Partners, and represented the seller, Prescott
Group. Additionally, JLL helped facilitate the acquisition loan.
Financial
details of the transaction were not disclosed.
 |
| Westview office building, 316 West 12th Street, downtown Austin, TX |
Westview is located at the intersection of Guadalupe and 12th Street in downtown Austin.
The
property has a live-work-play location with more than 2.9 million square feet
of retail nearby and more than 3,000 multi-housing units in addition to being
just blocks from the University of Texas at Austin and the Capitol.
 |
| Jeff Sause |
Recently
renovated into a LEED Gold, boutique creative office building, Westview
features floor-to-ceiling windows, flexible floorplates, and a new HVAC system
with MERV-rated air filtration.
Westview
is 93% leased and offers market-leading amenities including an on-site café,
conference room, fitness center with showers, bike lockers, and a rooftop
terrace with panoramic views of Austin.
 |
| Casey Wenzel |
Partnered
with a local Austin contractor, The Burt Group, and Andersson Wise as the
Architect the team was able to accomplish their goals.
The
JLL Capital Markets debt team representing Arc Capital Partners was led by
Senior Managing Director Jeff Sause, Managing Director Casey
Wenzel and Analyst Matthew Ctvrtlik.
“Westview
is an incredible boutique property that adds to our Austin portfolio in an
increasingly vibrant and walkable location.
"With its Class A amenities and dramatic
roof deck, Westview is exactly the kind of creative space that pulls employees
back to the office,” said Neville Rhone, Jr Managing Partner of Arc
Capital Partners.
 |
| Matthew Ctvrtlik |
“Westview
was an interesting career project for the team at Prescott, selecting the
appropriate modernization to in turn attract Austin tenants is not your
cookie-cutter office renovation”, said Brian Leslie, Senior Managing
Director, Acquisitions for Prescott Group. Leslie continued
“Throughout
the leasing and sale process we valued our relationship with our JLL Partners.”
 |
| Neville Rhone, Jr |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
 |
| Brian Leslie |
For
more news, videos and research resources on JLL, please visit our newsroom.
Founded
in 2013, Arc Capital Partners is a minority-owned, real estate owner-investor
dedicated to redefining urban mixed-use environments.
Through the lens of diversity and inclusion, Arc invests in mixed-use commercial properties with creative office, experiential retail, and multifamily components in major urban areas.
 |
| Andrew Levy |
Prescott
Group was founded 25 years ago and is headquartered in Dallas, TX.
Prescott is a diversified real estate
investment management platform with capabilities in asset management,
acquisitions, development and debt resolution.
 |
| Todd Savage |
JLL shapes the future of real estate for a
better world by using the most advanced technology to create rewarding
opportunities, amazing spaces and sustainable real estate solutions for our
clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022.
JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated.
CONTACT:
Kristen
Murphy
Director,
Public
Relations, Americas
JLL
One
Post Office Square, Suite 3500
Boston,
MA 02109
T
+1 617 848 1572
M
+1 617 543 4873
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