Newmark Brokers Sale of 823 Congress Office Building in Downtown Austin

AUSTIN, TEXAS — Newmark has brokered the sale of 823 Congress, a 190,254-square-foot office building in downtown Austin. The recently renovated building was 71 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a fund backed by New York-based DRA Advisors, in the transaction. David Milestone, Brett Green and Josh Francis of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, Dallas-based Pillar Commercial. The sale included a six-story parking garage located at 900 Brazos St. The building was recently renovated to the tune of $15 million.