AUSTIN – Dallas-based Spire Realty has retained CBRE to sell its 390,000-SF Chase Tower in downtown Austin.
The tower, which is 99 percent leased, could attract offers of more than $200 million or about $514 per SF, according to Real Estate Alert. The 22-story building, located on West 6th Street, houses the Headliners Club on the 21st floor.
Spire acquired the Chase Tower in 2010 for $73.9 million.
Todd Mills, Hunter Mills and Casey Knust, with CBRE Capital Markets’ Institutional Properties, are marketing the asset on behalf of Spire Realty.
The tower was built in 1974 and renovated in 2007 with a full floor of on-site amenities, including a new fitness center, tenant lounge, conference facilities and deli.
“Chase Tower is the best located office asset in downtown Austin and offers investors a fantastic opportunity to capitalize on spiking rental rates in the CBD while maintaining strong occupancy,” said Todd Mills, Executive Vice President, CBRE. “It is the ownership’s desire to close in early 2017.”
October 17, 2016 Realty News Report Copyright 2016