Private equity investor Riverside has acquired Lavaca Plaza, an 11-story office tower in Austin, Texas. The transaction price was not disclosed. The property totals 122,042 square feet of office space and was sold by Unico Properties. According to Commercial Search, Unico previously purchased the building in 2015 for $61,400,000, although that historic figure was not tied to the current sale. The change in ownership comes as the building is being marketed with potential repositioning in mind.
Marketing materials from JLL described Lavaca Plaza as a candidate for a redevelopment play, reflecting the building’s current leasing profile. The property has a vacancy rate of 46.2 percent, indicating a significant portion of the space is available for new tenants or alternative uses, depending on the buyer’s strategy. The combination of substantial vacancy and a central Austin location positions the asset for an active value-add or redevelopment approach by the new ownership, though no specific plans were disclosed.
Lavaca Plaza was originally completed in 1981 and is structured with both parking and traditional office space. The first through seventh floors are largely dedicated to parking, providing 476 on-site spaces that support tenants and visitors. The upper portion of the building is configured as conventional office space, with the top four stories offering a variety of suite sizes that can accommodate different tenant requirements. This mix of parking capacity and flexible office layouts underpins the building’s potential for re-tenanting and reconfiguration.
Amenities at the property include an on-site café, conference rooms, showers and a bike locker, features that are increasingly important for office users focused on employee convenience and commuting options. The building also benefits from its proximity to several of Austin’s most active districts and destinations, with easy access to the 2nd Street District, the 6th Street Entertainment District and Lady Bird Lake. This locational advantage may be a factor in Riverside’s interest in the asset, particularly as office owners and tenants place a premium on walkable, amenity-rich environments.
The seller was represented by JLL’s Capital Markets Investment Sales Advisory team. The team on the assignment included Ryan Stevens and Drew Fuller. Their role in marketing Lavaca Plaza framed the property as an opportunity for investors to engage with Austin’s evolving office market, where older-vintage assets with sizeable vacancy can offer room for repositioning, lease-up strategies or broader redevelopment, depending on sponsor objectives and capital structure.
