Behringer Harvard REIT I Inc. on Thursday announced its acquisition of four office buildings situated on a 21-acre site at the Terrace, a master-planned, mixed-use park in Austin, Texas.
The value of the transaction was not disclosed.
Built between 1999 and 2002, the Terrace office buildings were 97 percent leased at the time of sale and provide a total of 619,026 rentable square feet. Anchor tenants include law firm Vinson and Elkins and Cirrus Logic, a developer of integrated circuits for consumer entertainment devices.
The seller of the office buildings, Claydesta LP, retains ownership of an additional 48 acres of developable land within the park. In the future, Behringer Harvard may participate with Claydesta in the development of up to four planned new buildings at the Terrace, according to a press statement.
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies.
