Renovated Barton Springs office building sold by TIAA-CREF

Aug 13, 2014
Austin Business Journal

A fund managed by Cornerstone Real Estate Advisers LLC has purchased the office building at 811 Barton Springs Road

Financial details were not disclosed. The brokers involved in the transaction also did not release the name of the seller

Records at the Travis Central Appraisal District show that the owner was T.C. Barton Springs LLC, an entity formed by Teachers Insurance & Annuity of America, based in Charlotte, North Carolina. That organization also is known as TIAA-CREF

That limited liability corporation had owned the Class A office building since June 2008, records show

Cornerstone Real Estate Advisers is based in Hartford, Connecticut, and has a wide diversity of real estate investments in key markets ranging from offices to hotels and multifamily properties

The nine-story, 143,183-square-foot 811 Barton Springs office building was constructed in 1986, according to a spokeswoman for Transwestern, which represented the seller. Hale Umstattd and Leah Gallagher of Transwestern were the investment brokers involved

The property was 99 percent leased at the time of sale

Tenants include a range of professional service companies and nonprofits, including St. David’s Foundation, O’Connell Robertson architects, StudioSix5 interior designers and Michael E. James & Associates engineering firm

TIAA-CREF invest more that $1 mllion in renovations and the property is showcased on the Better Buildings Challenge website sponsored by the U.S. Department of Energy. The property also received the Gold LEED certification from the U.S. Green Building Council in 2013

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