Downtown Austin’s In fact Tower sells to California serious estate and development company in $580M offer

The downtown Austin tower is 57% leased as of mid-June. (Olivia Aldridge/Group Effect Newspaper)

Los Angeles-primarily based commercial genuine estate financial commitment belief Kilroy Realty Corp. announced its shift into the Austin current market June 16 with its invest in of In truth Tower downtown.

The 36-tale developing situated at the intersection of W. Sixth and Colorado streets marketed for $580 million, Kilroy said in a statement, in an acquisition envisioned to shut later this thirty day period. Kilroy introduced the buy along with separate transactions in San Diego and Bellevue, Washington.

“I just cannot overstate how effectively Indeed Tower fits with our strategic and house targets. It is arguably the greatest building in Austin, is in just one of the most effective destinations, delivers us with scale that will assistance long run expansion, is anchored by an financial commitment quality know-how tenant and provides a benefit-incorporate possibility through lease-up in an place of work sector that is strengthening,” Kilroy chairman and CEO John Kilroy explained in a statement.

The approximately 730-square-foot Without a doubt Tower was accomplished in May possibly and is now 57% leased, with about 42% leased by In In addition to place of work place, the tower also options out of doors deck room and a personal park in addition to amenities such as exercise and meeting centers. The tower’s to start with transfer-ins are envisioned in late 2021, according to Kilroy. 310-481-8400.