JLL to Manage, Lease Austin Office Building
- Mar 19, 2019
Provident Realty Advisors has acquired a 78,000-square-foot office building in Austin. Citizens Insurance Co. sold the asset, while Farmers Bank & Trust provided $7.4 million in acquisition financing, according to Travis County records.
The new owner selected JLL to lead management and leasing services for the property, which will be renovated and rebranded as Anderson Tower. Provident purchased the asset as part of its National Opportunity Zone Program initiative.
Located at 400 E. Anderson Lane, the six-story property was completed in 1973 and last changed ownership through foreclosure in 1992, according to Yardi Matrix data. Planned improvements include upgraded interiors, polished concrete flooring, open floorplans and LED lighting. The landlord opted for white box delivery, which will reduce the move-in time for prospective tenants.
Senior Vice President Sam Shannon will be in charge of property management and Senior Vice President Kevin Kimbrough will spearhead marketing efforts. Provident has already signed a seven-year lease with a local law firm for the top floor. Anderson Tower has a current contiguous block of more than 50,000 square feet of leasable space.
“With anticipated improvements, fantastic visibility from Interstate 35 and Highway 183, and its close proximity to both Austin’s CBD and The Domain, this office property will position future tenants for long-term success,” Kimbrough said in prepared remarks.
Image courtesy of JLL