EQC, a real estate investment trust, recently completed the spin-off of two office assets in Austin: Bridgepoint Square and Capital Tower. These properties have a combined total of 616,000 square feet and 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. EQT purchased it for $49 million in 2012 according to Commercial Edge reports. As of September 30th, EQC’s financial report showed that the property was leased at a rate of approximately 69%. Some notable tenants include Prosperity Bank, VMware Technology and BCW.
Bridgepoint Square consists of five buildings that were constructed between the late-1980s and mid-to-late-1990s (see photo). In addition to being acquired by EQC as part of a portfolio deal worth $78 million back in ’97; this campus has been home to New York Life Insurance Co., Burns & McDonnell among others since then – though only about half its space is currently occupied per their latest quarterly filing on Septemeber thirtieth which reported an occupancy rate just over fifty-two percent.
Since taking ownership in ’15 however; Equity Commonwealth has invested more than thirteen-and-a-half-million dollars into capital improvements here at Bridgepoint Square – despite ultimately selling both properties at somewhat less than what they had originally paid when first acquiring them years ago now…
