Drawbridge Realty Sells Austin Office, R&D Building

The asset was fully leased at the time of sale. HFF arranged the deal on behalf of the seller, which had acquired the property in 2013.
3208 Red River St.

Drawbridge Realty has sold 3208 Red River St., a 20,762-square-foot office and R&D building in Austin, Texas. According to Travis County records, the buyer is an Austin-based private real estate trust. HFF marketed and closed the sale on behalf of the seller. 

The three-story building is close to St. Davis’s Medical Center, less than 1 mile from The University of Texas at Austin, less than 3 miles north of downtown Austin and one block from Interstate 35. The property was fully leased at the time of sale by two tenants. One-third was leased by Xeris Pharmaceutical for their worldwide headquarters and the remaining two-thirds by YMCA, for their Austin executive offices/headquarters.

Drawbridge Realty purchased the property in 2013 and redeveloped the asset, which took the building to shell condition and included new common areas.

The HFF team that represented the seller included Managing Directors Walter Saad and Cathy Nabours and Director Drew Fuller. Avison Young advised the buyer. Earlier this month, HFF closed a $77 million portfolio sale in San Diego, for a four-building collection of properties within the Liberty Station.

Image via Google Street View