September 19, 2012, 10:18am CDT
Lehman's Austin portfolio acquired for $859M
By Sarah DRAKE, Web Editor:
"Los Angeles-based Thomas Properties Group Inc. and the California State Teachers' Retirement System has acquired a portfolio of eight office buildings in Austin for $859 million.
They bought the buildings from TPG-Austin Portfolio Syndications Partners, Thomas Properties' venture with Lehman Brothers Holdings Inc., which owns 50 percent of the portfolio; an offshore sovereign wealth fund that owns 25 percent; and TPG-CalSTRS LLC, which also owns 25 percent.
The 3 million-square-foot portfolio includes the following buildings:
•Frost Bank Tower, 401 Congress Ave.
•300 West 6th Street, 300 W. Sixth St.
•One American Center, 600 Congress Ave.
•San Jacinto Center, 98 San Jacinto Blvd.
•One Congress Plaza, 111 Congress Ave.
•Westech 360, 8911 N. Capital of Texas Highway
•Park Centre, 8601 RR 2222
•Great Hills Plaza, 9600 Great Hills Trail
"In keeping with our strategic plan to acquire wholly owned or equally controlled properties that are accretive to our after tax cash flow, we are pleased with the opportunity to increase our investment in Austin and more particularly, in a group of assets that we consider to be crown jewels," said Thomas Properties Group Chairman and CEO James Thomas"...
SOURCE / LINK / QUELLE dieses Ausschnitts und des Weiterlesens dann HIER:
www.bizjournals.com/austin/news/2012/09/19/...e-buildings.html
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