DivcoWest buys two Austin offices, puts another on the market

Oct 29, 2014
Austin Business Journal

DivcoWest, a real estate company based in San Francisco and Boston, added two more Austin properties to its portfolio — Lakewood Center I and II at 6801 N. Capital of Texas Highway and The Park at 8300 N. Mopac Expressway

Purchase prices were not disclosed. The seller in both instances was Lone Star Funds of Dallas

The Lakewood Center buildings encompass 92,000 square feet and The Park includes 93,000 square feet

The 185,000 square feet added brings DivcoWest's Austin portfolio to about 1.2 million square feet

Other DivcoWest properties are the Campus@Arboretum, previously called The Avallon, which includes 317,000 square feet. DivcoWest purchased that property in Northwest Austin near Morado Circle and Jollyville Road in March. DivcoWest also owns Building 312, which is 203,000 square feet and is located at 6800 Burleson Road in Southeast Austin; The Littlefield and Scarbrough buildings in downtown Austin at Sixth Street and Congress Avenue, which encompass about 240,000 square feet; and Prominent Pointe at 8310 N. Capital of Texas Highway, which is about 257,000 square feet in two buildings

An item in the subscription-only Real Estate Alert publication indicates that DivcoWest has been marketing Prominent Pointe for about $77 million. The complex is about 87 percent leased. Eastdil Secured in San Francisco has the listing

DivcoWest paid $53 million for the properties in 2012, which it purchased from Austin-based Aspen Properties, according to Real Estate Alert

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