OakPoint, Haverwood Take Their 5th
- Feb 05, 2016
Austin, Texas—A joint venture of Nashville-based OakPoint Real Estate and Haverwood Management, its local partner, is the new owner of Donley Plaza, a 69,547-square-foot office property in North Central Austin.
Walter Saad, Cathy Nabours and Logan Reichle of CBRE’s Austin office, represented the buyer, which has now acquired its fifth office property in Austin. Donley Plaza was 65 percent occupied at the time of the sale.
The seller’s identity was not released; however, the property is listed on the website of Libitzky Property Cos., an investment and development company based in Emeryville, Calif. Terms of the deal remain undisclosed.
“OakPoint Properties and local operating partner Haverwood Management continue to make a name for themselves in the Austin investment market with the acquisition of Donley Plaza,” said Saad, a CBRE first vice president, in a statement. “The building’s high parking ratio, combined with zoning that allows for higher density in the North Burnet Gateway overlay, should prove to increase overall future value for the group.”
Located at 2201 Donley Drive, Donley Plaza was built in 1983 and renovated in 2013. OakPoint and Haverwood are partnering with a local architecture firm to redevelop the property for creative and tech-oriented users, benefiting from the property’s dense parking ratio and proximity to public transportation. Also on the drawing board is a large build-to-suit on an adjacent vacant site; that proposed project is being marketed to large corporate users seeking office space at value pricing. In the near term, a full floor of Donley Plaza is available for lease immediately.
“There’s an interesting shift happening as more office tenants recognize value in North Central Austin,” noted Nabours, a CBRE first vice president. “Landlords deviating from traditional drop ceilings and hard-wall offices are attracting technology-focused tenants that are deterred by the more expensive options along Mopac and at the Domain. Rates and occupancies continue to climb in this submarket along with demand.”