Westmount Realty Capital Sells Austin Office Portfolio
- Dec 14, 2016
Austin, Texas—Westmount Realty Capital LLC announced the sale of its 13 office-building portfolio acquired in April 2014. Eastdil Secured represented the seller in the transaction.
The Offices of Braker Center are located on Kramer Lane and Metric Avenue between I-35 and MoPac Expressway, close to The Domain in the Braker Center area of Austin, Texas. The properties were built in the mid-1980s as dock-high, light industrial buildings with low office finish-out. Over time, they have been transformed to include more than 90 percent of office finish-out, becoming a single-story, value-office campus.
“Westmount acquired this institutionally managed and maintained asset at an occupancy of 88 percent with stable cash flow,” Clifford Booth, president & CEO of Westmount said in prepared remarks. “Through an extensive $1.5 million exterior facelift, Westmount repositioned and re-branded the project as ‘The Offices at Braker Center’ to enhance its appeal as a well-located office alternative to traditional multi-story office buildings.”
At the time of the deal, the 546,984-square-foot portfolio was more than 93 percent occupied by various tenants including Allergan Inc., Cenpatico, Integra Life Sciences and Renewal by Anderson. Additionally, throughout the Westmount’s ownership, rents increased by more than 50 percent.
“The greater Austin area is routinely recognized as a select location for corporate headquarters and supporting facilities,” added Steve Kanoff, CIO & partner at Westmount, in prepared remarks. “The area has a strong regional infrastructure that is supported by a multi-tiered workforce, which makes it one of the strongest business environments in the United States.”
Images courtesy of Westmount Realty Capital