AUSTIN – Thomas Properties Group and California State Teachers’ Retirement System (CalSTRS) have jointly acquired an eight-building, 3 million-sf portfolio of office properties in downtown and suburban Austin.
The Austin portfolio includes five downtown Austin properties known as Frost Bank Tower, 300 West 6th Street, One American Center, San Jacinto Center and One Congress Plaza, as well as three suburban properties known as Westech 360, Park Centre and Great Hills Plaza in Northwest Austin.
Madison International Realty has agreed to acquire a one-third stake in the portfolio.
The portfolio was purchased from TPG-Austin Portfolio Syndication Partners, a venture among Lehman Brothers Holdings Inc. (50%), an offshore sovereign wealth fund (25%) and TPG/CalSTRS, LLC (25%).