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Kim Gatley
enior Vice President & Director of Research at REOC Austin

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Austin office tower sold to New York firm for $63 million

austinskylineBrickman, New York firm, which purchased Lavaca Plaza in 2012 and turned it around in rapid fashion, has re-entered the Austin market with the purchase of this downtown tower known for its reasonable office lease rates in a town where prices are skyrocketing.

The 16-story, 181,381-sf office building was built in 1970 and sold for $63 million, or $347 per sf, according to data provided by Real Capital Analytics.

823 Congress Ave. is 97 percent occupied by tenants including Texas Tribune, 7-Eleven Inc., the United State Postal Service, Texas Mortgage Bankers Association and IBM Corp.

Click here to read the full article: Austin office tower sold to New York firm for $63 million Austin Business Journal 11-8-2016


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