RCA in the commercial property press:

Austin's Chase Tower Sells for Estimated $72M

Real Estate Channel reports: Although it didn't sell for a record price, the recent sale of the 35-year-old, 21-story, 390,000-square-foot Chase Tower gave Austin, TX commercial real estate market watchers new hope that the Downtown office segment may be recovering.

Spire Realty Group of Dallas, TX bought the 96-percent-leased building at 221 W. Sixth St. for an estimated $72 million -- about the same price the sellers paid for the asset in 2006. The property was listed in November 2009 for $73.7 million or about $189 per square foot.

By comparison, Equity Office Properties Trust of Chicago paid $188 million or $354 per square foot in 2006 for the 33-story, 560,674-square-foot, 515-foot-tall Frost Bank Tower, also downtown.

Thomas Properties Group Inc. bought the tower from Equity in 2007, along with nine other Austin office buildings, for a total $1.2 billion.

Jessica Ruderman, a senior analyst at New York City-based Real Capital Analytics Inc., says the Chase Tower deal is "a great sign" of downtown Austin's recovery mode.

Articles related to this topic:

 Chase Tower Downtown Sold To Dallas Firm
 Downtown's Downturn

Posted by: Nina Turner

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