Key downtown Austin office building sells to local investors

Jan 14, 2014
Austin Business Journal

A fledgling Austin real estate investment company has purchased one of the premier office buildings downtown from another local heavyweight

Cielo Realty Partners purchased the 181,381-square-foot building at 823 Congress Ave. last week from CapRidge Partners, headed by Tom Stacy and Steve LeBlanc. Amstar Group LLC of Denver was a partner in the building. CapRidge intends to use the proceeds of the sale to make other acquisitions

Cielo Realty Partners, founded by Bobby Dillard and Rob Gandy in 2010, has been seeking a strong downtown presence beginning with three historic buildings in the 300 block of Congress

Stacy has a long history of being a local real estate magnate, having owned and sold such high profile downtown properties as the Scarborough and Littlefield buildings, Austin Centre, the Stephen F. Austin Intercontinental Hotel, the Perry Brooks Building and 515 Congress Ave.

In late 2012, Stacy joined forces with Steve LeBlanc, the former managing director of private markets at the Teacher Retirement System of Texas, to create CapRidge

CapRidge, which raises capital from high-net worth individuals and institutional investors, will use the proceeds from the 823 Congress Ave. sale to help fund new acquisitions

CapRidge, along with its affiliate, T. Stacy & Associates Inc., will remain as tenants in the building that is 94 percent occupied

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