RCA in the commercial property press:

Chase Tower Downtown Sold To Dallas Firm

Austin American Statesman reports: The Chase Tower in downtown Austin, built in 1974, sits on a full city block at 221 W. Sixth St., has nearly 390,000 rentable square feet and is 96 percent leased. Spire intends to hold Chase for the long term, Ruff said.

The sellers were several limited partnerships that include Austin-based Endeavor Real Estate Group and Grubb & Ellis Realty Investors LLC (formerly Triple Net Properties LLC). Endeavor and Triple Net bought the building in 2006, paying $72 million.

Endeavor's headquarters are in the building, which is home to the private Headliners Club on the top floor.

Several experts said the acquisition is good news for Austin — an omen of an improving office market and solid growth prospects for its economy.

"It's a great sign, a big major office building selling downtown," said Jessica Ruderman, a senior analyst with Real Capital Analytics Inc., a New York-based consulting firm.

Ruderman said the bottom was reached last month for office sales nationally and locally, and "it's only going to increase from here."

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 Austin's Chase Tower Sells for Estimated $72M

Posted by: Mark Alferman

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