Feature Photo: A view of the tower located in downtown Austin. Image: Regent Properties
Austin (Travis County) — A vertically integrated real estate investment management and development firm has announced that it has purchased the 816 Congress for $174 million.
The Dallas office of Regent Properties made the acquisition announcement earlier this month.
The 435,000 square foot office tower is located downtown and consists of 20 floors and offers panoramic views of the Austin Capital Business District and the state capitol.
The Leadership in Energy and Environmental Design (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.
Regent plans to spend upwards of $30 million in significant upgrades to the property, including a major repositioning of the ground floor that encompasses lobby and courtyard renovations, as well as the activation of more than 12,000 square feet of ground-floor retail opportunities.
“We are pleased to begin the year by adding 816 Congress to our growing portfolio of top-tier office assets,” said Eric Fleiss, CEO of Regent Properties. “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 has been an active and successful investor in Texas for over 30 years, and currently owns 2.1 million square feet of assets throughout the state, including the recently completed, award-winning 84-acre Legacy Central project in the Metroplex, according to a news release.
“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.”
Regent will continue to acquire high-quality office assets across Texas and the Sunbelt region over the next two years.
VBX Project ID: 2022-0A65
Edited from press release.