Austin’s office market saw several notable transactions in 2024, with five major sales totaling over 1.8 million square feet of space. These deals, ranging from existing Class A buildings to new construction, demonstrate continued investor confidence in the market.
Read Next: Austin’s 5 Largest Institutional Investor Industrial Sales of 2024
Notable buyers included institutional investors, local government, and private real estate firms, with properties spread across key submarkets including the CBD, Southwest, Northwest, and East Austin.
5 Largest Office Building Sales in Austin, Texas
1. Sail Tower
Size: 723,000 square feet
Address: 601 W. 2nd Street
Submarket: CBD
Cousins Properties purchased Sail Tower from Trammel Crow in 4Q 2024. Cousins Properties owns other notable properties in the CBD submarket including Colorado Tower, One Eleven Congress, and 300 Colorado. At the time of purchase, Sail Tower was 100% leased to Google.
2. One and Two Barton Skyway
Size: 390,963 square feet
Address: 1501 S. Mopac Expy.
Submarket: Southwest
The City of Austin purchased One and Two Barton Skyway from Brandywine in 4Q 2024 as part of a two-property portfolio. The City of Austin plans to use this property for public safety facilities including the Austin Fire Department, Austin Police Department, and Austin Medical Service Department.
Read Next: 2024 Recap: 5 Largest Industrial Leases Signed in Austin
3. Mueller Business District – Bravo
Size: 245,000 square feet
Address: 4655 Mueller Blvd.
Submarket: East
Teacher Retirement Systems of Texas bought Mueller Business District – Bravo from Shorenstein Properties in 1Q 2024. At the time of the sale, the property was still under construction. This property delivered in 3Q 2024.
Teacher Retirement Systems of Texas is a government entity responsible for delivering benefits authorized by the Texas legislature.
4. Barton Oaks Plaza II & III
Size: 237,300 square feet
Address: 901 S. Mopac Expy.
Submarket: Southwest
HPI Real Estate Services and Investment bought Barton Oaks Plaza II and III from Austin Barton Oaks LP in 1Q 2024. The buildings were 85% leased at the time of sale.
HPI Real Estate Services and Investment is a Texas-based real estate firm. HPI purchased this property for the HPI Storage Fund IV, which focuses on self-storage investment opportunities.
5. Eastbound
Size: 233,577 square feet
Address: 3232 E. Cesar Chavez St.
Submarket: East
Fenway Capital Advisors bought Eastbound from Lincoln Property Group in 2Q 2024. This property consists of two buildings connected by a parking garage and green space.
Fenway Capital Advisors is a real estate investment company that owns, leases, and manages commercial properties across the southwest region of Texas.
Conclusion
Though sales activity slowed in the middle half of the year, sales picked up in the final quarter. As we head into 2025, it will be interesting to see if these new owners implement repositioning strategies for their acquisitions.
