DRAWBRIDGE REALTY TRUST ACQUIRES 100% LEASED OFFICE BUILDING IN AUSTIN, TX
Austin, TX - May 30, 2014 - Drawbridge Realty Trust has acquired the property located at 5301 Southwest Parkway in Austin, TX for $42.5 million. The four-story, 164,700 square foot, Class A office building is situated on 48.1 acres in the exclusive Southwest Austin submarket. The site also includes additional land for development for a 120,000 square foot office building and supporting parking structure, and is ideally located with convenient access to Mopac Expressway (Loop 1), Capitol of Texas Highway (Loop 360), US Highway 71 and US Highway 290.
The property was built in 2007 as the headquarters for Overwatch Systems, Ltd., an operating unit of Textron, Inc. (NYSE: TXT). Textron is an investment grade, Fortune 500 company and is widely recognized as a market leader in multi-source, custom intelligence information, and communications solutions. Overwatch Systems continues to lease 100% of the property.
"Our firm was successful in acquiring a highly coveted asset extremely well located in the Southwest Austin submarket. This investment not only provides strong long term value potential via the existing building, but also provides the ability to develop an additional building capable of serving the continued growing tenant base in Austin which was most recently ranked #3 on the "Best Big Cities for Jobs 2013" by Forbes magazine" said Mark Whiting, CEO of Drawbridge Realty Trust, LLC.
The seller, CBREI, was represented by J. Todd Mills, Hunter Mills, Troy Holme, and Casey Ford of CBRE.