Silicon Hills Campus Attracts Sunshine State Buyer
- Dec 02, 2015
By Anca Gagiuc, Associate Editor
Accesso Partners LLC is expanding its Austin footprint. The Hallandale Beach, Fla.-based company has acquired 7700 Parmer Lane, a 913,000-square-foot, Class A office campus in Northwest Austin. Terms were undisclosed.
The four-building property is located in a high-tech hub that includes campuses occupied by Apple’s Dell, National Semiconductor and IBM, as well as a planned office complex for Charles Schwab.
“We are honored to be selected as the buyer for the premier multi-tenant office park in Northwest Austin’s thriving technology corridor,” said Ariel Bentata, co-founder and managing partner-investments for Accesso Partners, in a statement. “Each of the six tenants at 7700 Parmer are global market leaders in their categories, providing us with exceptional long term income stability,” he added. “Plus, with the 6 percent vacancy and strong demand for space on this campus, we have immediate upside potential.”
Amenities at 7700 Parmer include a state-of-the-art auditorium, full-service cafeteria with multiple culinary options, baseball field, basketball courts, volleyball court, and a day care service.
At the time of the transaction, the property had two vacancies: 31,436 square feet in building B, adjacent to Oracle, and 23,693 square feet in building C, adjacent to Electronic Arts. Furthermore, the property presents a value-add opportunity to develop a fifth office building within the campus footprint.
The 129-acre campus marks Accesso’s second Austin acquisition in the last five months. In June, Accesso purchased Riata Corporate Park, a four-building, 688,432 square-foot Class A office complex.
“Accesso was exemplary in the quality of its offer, in meeting all of our timing requests, in doing everything they said they were going to do—on time,” McDonald commented in a statement.
He described 7700 Parmer as “the epitome of Austin today, a high-tech collaborative office environment that provides exactly what tenants want—a city within a city with a rich amenity base. And what investors want—the most impressive rent roll, not just in Austin but in the entire state of Texas.”