DivcoWest Buys 318 KSF Class A Office Campus in Austin
- Apr 01, 2014
DivcoWest has acquired the Avallon, a 318,000-square-foot Class A office campus in Austin from Highbrook Investment Management L.P.
The price was not disclosed.
The Avallon is comprised of five three-story buildings, constructed between 1986 and 2001. Currently, it is 88.4 percent occupied by 19 tenants, mostly technology firms.
Features around the property include indoor and outdoor seating in common areas, picnic tables and benches located on the grounds, a basketball court, volleyball court, disc golf, horseshoe pit, fitness center, refreshed and sustainable landscaping, as well as commissioned artwork by Joyce Lieberman and Barbara Strassen in many common areas and six outdoor sculpture installations by Ron Hines.
New amenities around the property include centrally located courtyard Wi-Fi, valet dry cleaning service, weekly mobile food truck, and tenant urban gardening.
DivcoWest plans to update and rebrand the property by adding new signage and improving aspects of indoor common areas.
Located on Jollyville Road near the confluence of U.S. Highway 183, Loop 360 and Mopac Expressway, The Avallon is at the heart of Austin’s high-tech hub and next to the active Arboretum District.
Based on recent purchases, DivcoWest has been focusing its efforts in the downtown tech corridor and in suburban properties where there is also a growing intellectual capital concentration established.
With the addition of The Avallon to its portfolio, its sixth acquisition in the Austin market, DivcoWest now owns approximately 1 million square feet in the area. It also owns Parmer Business Park in Northwest Austin; the Littlefied and Scarbrough buildings, two 100-year old office buildings in the heart of Austin’s downtown commercial district; Building 312 in Southeast Austin; and Research Park Plaza in Northwest Austin.