Pacific Oak Taps Transwestern to Lease Austin Portfolio
The assignment encompasses more than 500,000 square feet.
Pacific Oak Capital Advisors has tapped Transwestern Real Estate Services to lease a three-property office portfolio in Austin, Texas, measuring 521,401 square feet across eight buildings.
Transwestern Managing Director Brandon Lester, Vice President Max Appling and Senior Associate Marshall Thurmond will spearhead the leasing efforts and provide property management at Great Hills Plaza, Westech 360 and Park Center.
The assets last traded in 2013 in a portfolio transaction, when KBS Realty Advisors acquired them for $76 million from CalSTRS, CommercialEdge data shows. In 2019, the board of three KBS-managed trusts moved their existing advisory arrangements to Pacific Oak.
The office portfolio, up close
Westech 360 is a four-building campus totaling 175,557 square feet. The 1986-completed park went through cosmetic renovations in 2014, including upgraded atrium lobbies, a fitness center and a conference facility. Plans for one of the buildings call for four new speculative suites ranging from 3,575 to 8,239 square feet, with completion expected in the second quarter of 2024.
READ ALSO: Top 5 Office Projects Under Construction in Austin
Tenants at the 10-acre property include Office Evolutions, Ogden & Latson and Evernote. The campus is at 8911 N. Capital of Texas Highway, close to a host of dining and retail options, including shopping mall The Arboretum. Downtown Austin is 10 miles southeast.
Completed in 1985, Great Hills Plaza is currently undergoing a full-building capital renovation plan. Features of the 140,748-square-foot facility include an upgraded lobby, atrium lounges and elevator lobbies, along with new speculative suites that are scheduled for completion later this year. Regus, Pattern Bioscience and Intera are some of the tenants.
The three-story building at 9600 Great Hills Trails is less than a mile from Westech 360 and some 6 miles from Park Centre. Austin-Bergstrom International Airport is some 17 miles away.
The three-building Park Centre came online in 2000 and includes 750 square feet of ground-floor retail space. Amenities comprise a fitness center, more than 800 parking spaces, a tenant lounge and outdoor gathering spaces. Microchip is one of the tenants at the 205,096-square-foot park. Located at 8601 Ranch Road 2222, the property is 11 miles from downtown Austin and 21 miles from Austin-Bergstrom International Airport.
Austin’s office market shows mixed signals
According to the latest CommercialEdge office report, Austin’s listing rate clocked in at $41.2 as of December, above the $37.6 national average. However, the metro’s vacancy rate during the same month was 21.1 percent, 280 basis points higher than the country’s average.
In May, IBM Corp. leased 320,000 square feet at a two-tower office development in Austin. Slated for completion in 2027, the 14-story buildings will encompass 500,000 square feet.
