GLL Closes on Prominent Pointe in Northwest Austin
Jan 14, 2015
Coming off a year that saw the firm acquire three investments in northwest Austin, TX, San Francisco-based DivcoWest has turned the tables to begin 2015, selling the two-building Prominent
Pointe office campus in Austin to Munich-based real estate fund management group GLL Real Estate Partners (GLL) earlier this week for an undisclosed amount
Located at 8310 N. Capital of Texas Hwy., Prominent Pointe I and II were constructed in 1985 and 2008, respectively, near the Mopac Blvd. and Research Blvd. interchange in Austin's
Northwest submarket, an area which played a key role in DivcoWest’s office investment strategy last year as the firm secured the 318,000-square-foot Avalon Office Park in March and the
92,000-square-foot Lakewood Center and the 93,000-square-foot The Park in a portfolio acquisition at the end of September
Totaling 256,027 square feet, the mid-rise Prominent Pointe campus currently houses offices for networking/telecommunications firm IXIA, consultant JMJ Associates, entertainment firm Sony
Online, security firm UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman, Howell, Smith & Lee. On-site amenities include a 3,242-square-foot
management office, café, conference and fitness centers, as well as a centralized parking garage connected to both buildings via covered walkway
"This is a highly desirable Class A office property, well located within a vital submarket of one of the country’s top markets for job growth and with a strong and diverse tenant base,"
said Christian Goebel, GLL Real Estate Partners. "We like the fundamentals of the Austin market"
Representatives with Eastdil Secured brokered the transaction on behalf of DivcoWest, which acquired Prominent Pointe back in 2012 for $53 million, according to CoStar information