A national real estate investment management and development firm announced that it will enter one of the hottest markets in the country.
Regent Properties recently reported they acquired the CBD office tower in downtown Austin
Eric Fleiss, CEO of Regent Properties, said that the tower will expand its already impressive portfolio.
"We are pleased to begin the year by adding 816 Congress to our growing portfolio of top-tier office assets," Fleiss said. "Austin is a high-conviction market for us, driven by positive local economic trends, strong demographics and a business-friendly environment that continues to drive company expansions and relocations in the region."
Regent Properties is a vertically integrated real estate investment management and development firm that purchased the 435,000 square foot Class-A office tower for an undisclosed sum, according to a release.
The CBD office tower, well known in the industry by its physical location, 816 Congress, consists of 20 floors with panoramic views of the Austin CBD and the state capitol.
“The LEED-Platinum certified tower provides numerous amenities, including a health-club style fitness center, a conference center, two parking garages and a sky lounge with an expansive roof terrace. Its central location is within walking distance of numerous first-class hotels, restaurants, retail stores, and museums, as well as the state capitol building,” according to the news release.
The company will be looking to renovate its newest acquisition, according to the release.
The report said the company intends to renovate its newest property with a major repositioning of the ground floor that encompasses lobby and courtyard renovations, along with the activation over 12,000 square feet of ground-floor commercial prospects.
"816 Congress has been a fixture of Austin's skyline for many years. We are excited about the opportunity to leverage its existing strengths, in conjunction with a comprehensive renovation program, to deliver a highly-amenitized office experience, one which we believe is underrepresented in the market today," added Colin Rosenbaum, SVP of Texas and Southeast Acquisitions. "We are confident that Regent's holistic approach to servicing tenants, in conjunction with a significant ready-to-lease spec suite program, will create incremental value at this location for many years to come."
