German investors pick up two more Austin office buildings

Jan 12, 2015
Austin Business Journal

GLL Real Estate Partners, one of the first major international investors in Austin commercial real estate, expanded its local holdings this week with the purchase of Prominent Pointe I and II in Northwest Austin

The Munich, Germany-based company purchased the two mid-rise buildings for an undisclosed price from DivcoWest, another significant Austin landlord

A previous Austin Business Journal story noted that DivcoWest was marketing the Prominent Pointe buildings for $77 million. That San Francisco-based real estate company purchased the buildings in 2012 for $53 million, according to Real Estate Alert

GLL Real Estate Partners first entered the Austin commercial real estate scene when it bought the 313,000-square-foot Las Cimas buildings II and III for about $88 million, also according to Real Estate Alert. The seller was Spear Street Capital based in San Francisco and also a major landlord here

Both of the GLL holdings are located within the Loop 360 corridor. Prominent Pointe is at 8310 N. Capital of Texas Highway and the Las Cimas buildings are at 805 and 807 Las Cimas Parkway near Bee Cave Road

Prominent Pointe I and II encompass about 256,000 square feet. Prominent Pointe I was built in 1985 and remodeled in 2013. Prominent Pointe II was built in 2008. The offices have about 900 parking spaces. Total land for the project is 21 acres on a hillside near Spicewood Springs Road

Current tenants include IXIA, JMJ Associates, Sony Online, UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman Howell Smith & Lee LLP

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