Equity Commonwealth (EQC) recently completed the spin-off of two office assets in Austin, Texas: Bridgepoint Square and Capital Tower. These properties, totaling 616,000 square feet, were sold to Marbella Interests for $64.5 million with the assistance of JLL.
Capital Tower is a 20-story building that was built in 1984 and was purchased by EQT for $49 million in 2012 according to Commercial Edge reports. As of September 30th, EQC’s financial report showed that Capital Tower had a leasing rate of about 69.4%. Some notable tenants include Prosperity Bank and technology companies VMware Technology and BCW.
Bridgepoint Square consists of five buildings constructed between the late-1980s and mid-to-late-1990s. In total, EQC acquired this campus for $78 million as part of a larger portfolio deal back in 1997. As reported on September thirtieth this year it has an occupancy rate at just over fifty-two percent with tenants such as New York Life Insurance Co., Burns & McDonnell among others listed on its tenant directory.
Since their acquisition by Equity Commonwealth in ’97 they have invested more than thirteen-and-a-half-million dollars into improving these offices which are now changing hands at what appears to be less than their original purchase price.
