Office sales activity picked up once again in 2021 following a relatively low volume of sales in 2020. In this article, we take a look at the 13 largest office sales over the last 12 months.

Read Next: 2021 Recap: 6 Largest New Office Leases in Austin, Texas


13 Largest Office Building Sales in Austin, Texas

13. Capital Ridge

Size: 216,511 SF
Address: 320 S. Capital of Texas Hwy.
Submarket: Southwest   

Capital Ridge was purchased by its only tenant, Apple, in 3Q 2021. Apple purchased the property from GLL Real Estate Partners Inc. which had owned the property since 2017. 

Capital Ridge delivered in 2015, making it one of the newest developments in the Southwest submarket. 

Apple’s purchase of Capital Ridge highlights its growing presence in Austin and its intent to remain in the city long-term. Apple is also near completion on its $1 billion campus currently under construction in Northwest Austin.

Read Next: Apple’s Austin Offices & Headquarters: History, Details & Predictions


12. Foundry I & II

Size: 239,856 SF
Address: 310 Comal St. & 1600 E. 4th St.
Submarket: East

Tishman Speyer purchased Foundry I and II from Cielo Property Group in early 2021. The transaction was split into two phases, with the sale of Foundry I closing in February and the sale of Foundry II closing once the building was delivered later in the year.

This transaction was Tishman Speyer’s first foray into the Austin market. The company is an active developer and investor in 28 markets across the United States. 

Foundry I and II have been met with great leasing success. Foundry I is currently 90% leased and Foundry II is 100% leased.


11. Northview Business Center

Size: 260,393 SF
Address: 9001 I-35 N.
Submarket: Northeast

R2 Companies purchased Northview Business Center from TriGate Capital in 3Q 2021. According to CoStar, the property was 48.5% leased at the time of sale and sold at a 6.9% cap rate.

Northview Business Center was built in 1971 and underwent renovations in 2015. The property offers ample parking and is located roughly midway between Round Rock and Downtown Austin.

R2 Companies is a Chicago-based private equity real estate firm with offices in Chicago, Milwaukee, and Minneapolis. The firm currently manages 5.2 million square feet across a number of asset types and locations. Northview Business Center is the firm’s only Austin property.


10. Parmer 3.3 & 7.3

Size: 335,825 SF
Address: 13011 McCallen Pass
Submarket: Northeast

Transwestern Real Estate Services purchased Parmer 3.3 and 7.3 from PRP Real Estate Investment Management in July 2021, according to CoStar. The properties, built in 2019, were 100% leased to 3M at the time of sale.

Parmer 3.3 houses 3M’s offices at the site, while Parmer 7.3 houses 3M’s lab space. The properties sold for a combined $184.1 million according to the seller’s press release.


9. 300 Colorado

Size: 353,938 SF
Address: 300 Colorado St.
Submarket: Northeast

Cousins Properties acquired the remaining 50% interest in 300 Colorado from Riverside Resources and Ironwood Real Estate in December 2021. The property delivered in 2021 and is currently 88% leased. The purchase price was $162.5 million according to the buyer’s press release.

300 Colorado, originally expected to be the Austin home of Parsley Energy, has had roughly 309,000 square feet of sublease space on the market ever since Parsley announced it would be closing its Austin office and laying off 234 employees.


8. Paloma Ridge A, B & C

Size: 376,324 SF
Address: 13620 Ranch Road 620 N.
Submarket: Cedar Park 

The three-property portfolio of Paloma Ridge A, B, and C was purchased by Starwood Capital Group from Ascentris in 2Q 2021. According to CoStar, all three properties were 100% leased at the time of sale. Ascentris originally purchased buildings A and B in 2017 and then developed building C, which delivered in 2020.

The three properties of Paloma Ridge contain a number of large tenants, including Centene Corp, Informatica, and Spectrum. 

Founded in 1991, Starwood Capital Group is no stranger to Austin. The firm currently owns other notable Austin properties like Encino Trace I & II, the Campus at Arboretum, and Cielo Center.


7. 100 Congress

Size: 419,785 SF
Address: 100 Congress Ave.
Submarket: CBD

Carr Properties Inc. entered the Austin market for the first time with the purchase of 100 Congress in 2Q 2021. A partnership between MetLife Inc and Investco was the seller. According to CoStar, the property was 94% leased at the time of sale.

100 Congress was built in 1987 and has a newly remodeled lobby. Tenants have access to 2.6:1,000 parking, a fitness center, and walkable amenities.

Carr Properties is a real estate investment trust with properties in Washington D.C., Boston, and Austin. The firm’s portfolio currently totals 5.7 million square feet.


6. 816 Congress

Size: 433,024 SF
Address: 816 Congress Ave.
Submarket: CBD

Along with its purchase of the remaining 50% interest in 300 Colorado, Cousins Properties also sold 816 Congress to Regent Properties in December 2021. The sale price was $174 million according to the seller’s press release.

816 Congress was built in 1983 and was 78% leased at the time of sale. Cousins originally purchased the property from Lehman Brothers Holdings in 2013 according to CoStar.

Regent Properties owns and operates $4 billion worth of assets and has six offices spread across the sunbelt. The firm owns properties in a number of states from California to Florida.


5. Mueller Business District Alpha & Bravo

Size: 460,000 SF
Address: 1900 Aldrich St.
Submarket: Mueller

The Teacher Retirement System of Texas (TRS) purchased the newly completed Mueller Business District (MBD) Alpha building and yet-to-be-built MBD Bravo building from Shorenstein Properties near the end of 2021. TRS plans to begin relocating its headquarters to the Alpha building in the spring of 2023 and the remainder of its staff to the Bravo building once it is complete, according to a press release from the seller. TRS was approved in September 2021 to spend up to $300 million on a new headquarters outside of Downtown Austin.

TRS intends to occupy floors four, five, and six in the Alpha buildings, leaving floors two and three (roughly 94,000 square feet) still available for lease. TRS’s decision to move to the Mueller area follows the backlash it received for signing a large pre-lease at Indeed Tower. TRS was subsequently released from its lease obligation at Indeed Tower when Kilroy Realty purchased the property in 2Q 2021.


4. 600 Congress

Size: 543,521 SF
Address: 600 Congress Ave.
Submarket: CBD

Not wanting to miss out on the flurry of transactions that closed in Austin’s CBD in December 2021, Beacon Capital Partners purchased 600 Congress from CalSTRS according to CoStar. Since the ink is still wet on the transaction as of this writing there is a limited amount of information available, but Beacon does show the property on its website.

600 Congress was built in 1984 and is currently 77% leased. The property was put up for sale in early 2020 but was removed from the market before being relisted in mid-2021.


3. Riata Corporate Park (8 Buildings)

Size: 688,142 SF
Address: 12301 Riata Trace Pky.
Submarket: Northwest

Starwood Capital Group purchased the eight-building portfolio of Riata Corporate Park from KKR in October 2021. The transaction was valued at over $300 million according to a press release from the seller.

The property was 100% leased at the time of sale. KKR purchased the building park in 2019 through a partnership with Austin-based Endeavor Real Estate Group. 


2.  Indeed Tower

Size: 730,000 SF
Address: 200 W. 6th St.
Submarket: CBD

Kilroy Realty closed one of the most notable office transactions in Austin this year with their off-market purchase of Indeed Tower from Trammell Crow in 2Q 2021. The building was 57% leased at the time of sale according to CoStar, with tenants like Indeed, Vinson & Elkins LLP, and Brown Advisory calling the building home.

Delivered in early 2021, Indeed Tower has been one of the most talked-about office developments in Downtown Austin in recent years. The building’s 730,000 square feet spans 36 floors and offers an average floor plate size of 34,000 square feet. 

Based in Los Angeles, Kilroy’s purchase of the property is another example of a major investment firm making its first purchase in the Austin market. Kilroy also owns property in California and Washington.


1. 3M Austin Center

Size: 1,179,740 SF
Address: 6801 River Place Blvd.
Submarket: Northwest

One of the more bizarre office sale transactions this year, Karlin Real Estate acquired the former 3M campus from World Class Holdings through a foreclosure sale in 2Q 2021. World Class originally purchased the property in 2018 but has experienced financial challenges in recent years.

It is still to be determined what the long-term plan is for the site, but the 156-acre campus will surely be one to watch in the coming years.



Austin’s sales activity for office space may still be below where it was in the years leading up to the COVID-19 pandemic, but these sales highlight a growing resurgence that is expected to carry into 2022. With existing Austin landlords doubling down on their portfolios here and newcomers making significant purchases in the city for the first time, the Austin office market appears to be gearing up for a very active sales environment.

New Call-to-action
New Call-to-action

Kirk Silas | AQUILA Commercial

Kirk Silas

Kirk manages AQUILA's research department and oversees research initiatives and data collection

Recent posts from Kirk

Related Content

Want the latest from the AQUILA Learning Center?

We’ll send you one email a month featuring our most relevant content. You can also manage your subscription preferences.